Randall to Head San Jose Firm : Tustin-Based Trimedyne Loses a Top Executive

Trimedyne Inc. executive Rick Randall, once considered the likely choice to head the rapidly growing company, has resigned to become president of a San Jose firm.

Randall took over last year as Trimedyne’s acting president after the Tustin company’s first president, Mike Henson, resigned. At the time Henson said Randall was being groomed to take over the top spot.

Instead, a board-room battle for control of the company ensued, and Howard K. Cooper was hired for the job. Randall, 37, was made executive vice president in charge of sales and marketing operations for the laser catheter maker.

Since then, Trimedyne’s sales of its laser catheters have continued to grow, but its earnings hit a snag earlier this year.

Profits dropped 64% to $448,000 for the company’s fiscal 1989 second quarter ended March 31, compared to the year-earlier period, while revenue increased 34% to $9.3 million.

The company attributed the earnings decline to the costs of increasing its sales staff and research efforts.

Randall has taken the job of president of Target Therapeutics, a laser division of Collagen Corp. He said he left Trimedyne on good terms and is excited about the prospects of running a company.

“It might have been better that I wasn’t president,” Randall said Friday, his second day on the job at Target Therapeutics. “I learned a lot the past year and a half.”

Cooper described Randall as a partner and said: “I’m happy for him. I’m unhappy for us that he’s gone.”

Randall’s responsibilities will be given to Paul J. McCormick, the company’s sales director, and to marketing director William J. Worthen.