Noblesville-based King Systems Corp. is without its two top executives after both abruptly left the company on Wednesday.
CEO Don Dumoulin and Chief Financial Officer Yun Kim exited King Systems in a “mutual agreement” with Great Britain-based parent company Consort Medical PLC, said its CEO, Jonathan Glenn.
King Systems manufactures anesthesia and respiratory care products. With 475 local employees, it’s the third-largest medical device developer in the Indianapolis area, according to IBJ statistics.
Glenn, who arrived in Noblesville earlier this week to announce the departures, declined to provide specifics on why the two were let go.
“The business is fine,” he said. “There’s nothing sinister behind this.”
Calls to Dumoulin’s home at the Bridgewater Golf Club in Carmel were not returned.
A search is under way for a new chief executive and CFO, said Glenn, noting that a couple of executives from Consort will be overseeing King Systems' operations until permanent replacements are named.
Founded by Flois Burrow in 1977, the company was acquired by Bespak PLC—now called Consort Medical—in December 2005 in a deal valued at up to $95 million.
In April 2007, King Systems bought Emergent Respiratory Products Inc. of Irvine, Calif., for $38 million.
King Systems hired Dumoulin, a former Roche Diagnostics Corp. executive, as its CEO in October 2008. Under his watch, the company twice ran afoul of government regulations.
In October 2009, the Indiana Department of Labor slapped King Systems with a $191,000 fine for repeatedly failing to mitigate employees’ exposure to dangerous gases.
Two months later, the U.S. Food and Drug Administration ordered the company to quit marketing its oropharyngeal airway for uses not yet approved by the agency.
Dumoulin, a vice president at Roche, was let go from that company after shipping $11.7 million worth of diabetes-testing equipment in September 2006 to grifter Dina Wein Reis after she convinced him she was running a not-for-profit.