Bridges to retire from Panbio

Queensland-based diagnostics company Panbio has announced that CEO and co-founder Mel Bridges will retire in early 2003.

Bridges will remain CEO for at least six months while Panbio searches for a successor.

He stressed that while it was a personal decision to retire at this point, he would still be actively involved with the company as a non-executive director.

"This is a proactive move by myself and the board given the aggressive growth plans for Panbio going forward," said Bridges.

Bridges said that he was not planning to become involved with any other companies.

Panbio chairman Ian Sandford said in a statement that Bridges was ready to take a less hands-on role after being in the industry for 25 years.

"As a co-founder, Mr Bridges has taken Panbio from being a small enterprise, through a $17 million capital raising, to being a successful publicly listed company with a market capitalisation of approximately $65 million, and recognised world market leader in Dengue Fever diagnostics," Sandford said.

The company does not expect Bridge's retirement to have significant impact on the company.

"The company will continue to benefit from Mr Bridges' strategic input, and as non-executive director he will continue to play an integral role in assisting the company to achieve its goal of being a leading provider of infectious disease diagnostics," said Sandford.

According to Sandford, the company will grow significantly over the next five to 10 years.

They are seeking a CEO with the sill set to raise the company's performance in the global diagnostics industry to the next level.

Panbio's share price (ASX: PBO) has not changed significantly as a result of the announcement. At the time of writing, the shares were trading at $1.35.