Friday, January 6, 2012

PacBio hires Michael Hunkapiller as Hugh Martin steps down as CEO

Pacific Biosciences President and CEO Hugh Martin stepped down and will be replaced by Michael Hunkapiller, the Menlo Park-based life sciences equipment maker said Friday.

Martin, a cancer survivor who led PacBio (NASDAQ: PACB) through its $200 million initial public offering in October 2010, will remain on PacBio’s (NASDAQ: PACB) board through the company’s next annual shareholders meeting, the company said.

PacBio started shipping its next-generation DNA sequencing system in April, but in September laid off 130 employees after disappointing initial sales.

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