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October 30, 2015

Harvard Bioscience executive quits

The top executive for sales at Holliston life science researcher Harvard Bioscience has resigned during an overhaul of the company’s sales team to focus on areas with higher growth potential, according to regulatory filings.

Yova Sibony, the company’s vice president of global sales and its No. 3 named executive officer, resigned from his job on Wednesday, according to a filing with the U.S. Securities & Exchange Commission.

The company did not list a reason for Sibony’s departure, although it came the day before Harvard Bioscience announced a third-quarter loss of $847,000 when the company had turned a profit in the third quarter 2014. During that earnings announcement, the company said it planned on realigning its sales team to focus on big client areas like cell and animal physiology, molecular analysis and lab supplies and services.

Harvard Bioscience expects the costs of this reorganization its sales force to be $300,000-$400,000. On top of the long-term cost savings associated by changing over its sales team, the company plans on eliminating another $1 million in annual costs.

Sibony, 43, was hired as vice president of global sales in October 2013, part of an effort to increase the company’s international footprint. He previously served as a global sales manager for life sciences at Tewksbury conglomerate Corning.

In the company’s regulatory filings, Sibony was listed as its fourth ranking officer behind the CEO, CFO and vice president for business development. In 2014, his total compensation was $304,134.

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