Arrow fires CEO and appoints temporary replacement

Arrow International Inc. of Reading said it fired Carl G. Anderson Jr. as chairman and chief executive because it "had lost confidence in his ability to lead the company" after four years on the job.

The medical device maker's shares were down 11 cents this morning at $38.29 in Nasdaq trading.

The board of directors appointed Philip B. Fleck as interim president and chief executive.

Fleck, 63, was president and chief operating officer of the Reading company until his retirement in 2005. He returns while a special board committee explores strategic alternatives for the company.

Also, the company said R. James Macaleer was appointed chairman of the board of directors, and it designated Aug. 31 as the date of the annual shareholders meeting.

Arrow said in May it had hired Lazard Ltd. to explore a possible sale of the company. That led to the resignation of a board member who represented Arrow's biggest shareholder.