Underwriters Laboratories Inc. (UL) announced that Loring Knoblauch, president and CEO, will retire effective immediately. Mr. Knoblauch joined the not-for-profit product testing and certification organization as president and CEO in April 2001. His retirement comes at a time when UL is experiencing strong growth in business, with revenues up more than 12 percent in 2004.
Mr. Knoblauch cited health reasons and a desire to spend more time with his family that drove his decision to retirement. Earlier this year, he underwent cancer surgery. "While my post-surgical check-ups have been most encouraging, all of this works quite profound changes in how I look at the world and what is important to me and my family going forward." Mr. Knoblauch stated in a letter to employees.
Fred Marcon, chairman of UL's Board of Trustees, will work with the company's top management to lead UL while the Board searches for Knoblauch's successor. The Board has formed a search committee to identify potential candidates.
"Loring came on board at Underwriters Laboratories when change was required to maintain UL's dominant position in its market," Mr. Marcon commented. "Under his leadership UL has had its strongest ever year-to-year growth in both revenue and operating profit."
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