Black out as Teleflex CEO

Jeffrey P. Black is out as chief executive of Teleflex Inc., a Limerick firm that he has led through a transformation from a diversified industrial manufacturer to one focused on medical technology.

Replacing Black is a board member, Benson F. Smith, who for 25 years worked at Teleflex competitor C.R. Bard Inc., rising to the positions of president and chief operating officer, Teleflex said Monday.

After paying nearly $2 billion for Arrow International Inc. in 2007 to expand its medical business, Teleflex sold for more than $1 billion seven legacy businesses that made components for automotive, marine and aerospace customers.

Given that Teleflex's sales are now concentrated in medical and heath care, the board turned to Smith as an executive with more experience in the industry.

"The board is confident that he is ideally suited to take Teleflex to the next level by building on our strong medical device platform," William R. Cook, Teleflex's lead director said.

Black was named president of Teleflex in 2000 and became CEO in 2002, succeeding his father, Lennox K. Black, who had been at the helm of the company from 1971 to 1994, and again from January 2000 to May 2002.

Black will receive $5.4 million in severance over three years and reimbursement of health insurance costs for three years, the company said in a Securities and Exchange Commission filing. He remains eligible to receive a bonus for 2010.

The company's shares were up 86 cents, or 1.5 percent, to $57.18 on the New York Stock Exchange.