Rick Terrell has hired new CEO, will remain active in firm
After more than 20 years leading the day-to-day operations of RS Medical, company CEO Rick Terrell is stepping aside to devote more of his time to new product development.
Terrell, 61, will remain board chairman of International Rehabilitative Sciences Inc., doing business as RS Medical, and lead activities of Meagan Medical, the company’s research arm.
Replacing Terrell as CEO is John Konsin, a 30-year veteran of the medical device industry, who most recently was a vice president with Covidien of Waltham, Mass.
“I’m still the major shareholder, I’m still the board chairman,” Terrell said Wednesday. “I expect to remain very active in Meagan Medical, our research unit.”
o What: Vancouver-based medical device company.
o Where: 14011 S.E. First St.
o Ownership: Privately held.
o Retiring CEO: Rick Terrell.
o New CEO: John Konsin.
o Employees: 500, with more than 300 in Vancouver.
o What's next: Terrell remains board chairman and will focus on new product development.
RS Medical employs more than 500 people, including about 325 at its Vancouver facilities at 14011 S.E. First St. There, the company produces and markets a variety of electrotherapy products and braces that reduce pain and improve function. The devices are sold to insurance companies and prescribed by physicians.
o What: Vancouver-based medical device company.
o Where: 14011 S.E. First St.
o Ownership: Privately held.
o Retiring CEO: Rick Terrell.
o New CEO: John Konsin.
o Employees: 500, with more than 300 in Vancouver.
o What’s next: Terrell remains board chairman and will focus on new product development.
After a rough financial year in 2008, Terrell said his privately held business rebounded in 2009 with a “nice profitability situation and increased cash reserves.”
“With John coming on board, we expect to see double-digit sales growth, better profitability and some new products down the road,” Terrell said. “He’s got extensive experience in the (market) space we’re in. We’re lucky to have a person of his caliber on board.” Business growth may also come through acquisitions and product distribution contracts, he said.
For sale?
Terrell said some may wonder if he’s preparing to sell the company that he co-founded and has led since 1990.
“I wouldn’t have spent four months finding a new CEO if I were selling the business,” he said. “I am approached weekly by potential buyers. My goal is to grow it from a good company to a great company.”
Konsin received his undergraduate degree from Duquesne University and an MBA from the University of Colorado. Between 1999 and 2005, he served as general manager for the gynecology and vascular business unit and as vice president/marketing for the endoscopy division of Smith and Nephew Inc. While vice president of the Covidien Sport Surgery Incubator, Konsin directed and integrated the acquisition of Scandius Biomedical.
