Transcat Inc. has made significant changes to its executive leadership team, with Mark Doheny stepping down as Chief Operating Officer and Mike West being appointed as the new COO. This change is effective immediately, and Mr. Doheny will be retained as a consultant to assist with the transition through October 2024.
Mike West, the current Senior Vice President of Operations, has been promoted to replace Mr. Doheny. Lee Rudow, CEO and President of Transcat, expressed confidence in Mr. West's ability to lead the company's operational functions, citing his deep understanding of the company's history, current state, and future plans. Mr. West has been instrumental in various aspects of the company's operations, including leading the distribution business, overseeing the successful rental business, integrating acquired businesses, and driving significant margin enhancement through productivity enhancement initiatives.
Mr. Rudow emphasized the company's consistent growth in sales and margins over a long period and expressed optimism about its ability to continue delivering strong performance, both organically and through acquisition. He highlighted Mr. West's strategic thinking and execution within the growing organization, expressing confidence in the company's ability to deliver improved results and sustainable organic and acquired growth for its shareholders.
Transcat Inc. is a leading provider of accredited calibration, reliability, maintenance optimization, quality and compliance, validation, Computerized Maintenance Management System (CMMS), and pipette services. The company is focused on providing best-in-class services and products to highly regulated industries, particularly the Life Science industry, aerospace and defense, and energy and utilities. It operates calibration service centers strategically located across the United States, Puerto Rico, Canada, and Ireland, as well as calibration labs in 21 imbedded customer-site locations.
The company also serves as a leading value-added distributor that markets, sells, and rents new and used national and proprietary brand instruments to customers primarily in North America. Transcat's strategy is to leverage its strong brand and unique value proposition, including its comprehensive instrument service capabilities, Cost, Control, and Optimization services, and leading distribution platform, to drive organic sales growth. It aims to expand its addressable calibration market through acquisitions and capability investments.
The press release did not provide specific financial metrics or comparisons to the previous period. As a result of these announcements, the company's shares have moved 2.4% on the market, and are now trading at a price of $110.62. Check out the company's full 8-K submission here.
