Galileo Announces Management Shuffle, Layoffs

Turmoil continued for Galileo Corp. as president and CEO William Hanley reported his resignation. While the search goes on for a replacement, the board of directors has appointed W. Kip Speyer, company director and president of Galileo subsidiary Leisegang Medical Inc., as acting president and CEO. Hanley has agreed to serve as a consultant to the company for the next year.

Galileo has also elected Cardiant Medical Corp. founder and president to the Galileo board of directors, and has named Stephen Todd as interim CFO (see Galileo Restates Results, Shifts Second Quarter Profits, CFO Resigns). Todd is associated with Argus Management Corp., a financial consulting firm that has been retained to help with restructuring the company.

The company has also implemented a series of staff reductions at its Sturbridge, MA facility.