Circon CEO Quits; Firm Stops Hunt for Buyer

Circon Corp., a maker of minimally invasive surgery products, said its top executive quit and the company will stop looking for a buyer. The company said Chief Executive and Chairman Richard Auhll resigned, without citing a reason. George Cloutier, a director at Santa Barbara-based Circon, will serve as interim CEO while the company looks for a permanent leader. John Blokker, also a director, is the new chairman of the company, which had 1997 revenue of $160 million. Circon had been searching for a friendly buyer for two years to avoid a 1996 proposed buyout for $16.50 a share, or $230 million, by U.S. Surgical Corp. Circon shares fell $1.38 to close at $8.25 on Nasdaq.