Thermal imaging specialist Flir Systems said Tuesday that chief executive Andrew Teich plans to retire when the Wilsonville company finds a successor.

Teich has been with Flir since 1999, when it bought a company called Inframetrics where he had been a marketing vice president. He became Flir's CEO in 2013.

Teich was 55 at the time of Flir's most recent proxy filing, in March. The company valued his compensation last year at $8.2 million, including $4 million in stock and option awards, a $2.5 million gain in the value of his pension and an $832,000 annual salary.

Flir said it has hired an executive search firm to help find Teich's replacement.

One of Oregon's largest companies, Flir is transitioning from its historical reliance on sales to the defense industry to a more diversified portfolio, including civilian security products and consumer technology. It makes a line of thermal imaging cameras that attach to smartphones and similar products for contractors and hunters.

Also Tuesday, Flir released fourth-quarter financial results for its fiscal fourth quarter:

• Fourth-quarter sales totaled $474.7 million, up from $437.6 million a year earlier.
• Profits totaled $61.5 million in the last three months of the year, or 45 cents a share. That's down from $70.2 million, 51 cents a share, in the fourth quarter of 2015.
• For the full year, Flir's sales totaled $1.7 billion, up from $1.6 billion in 2015.
• Profits for 2016 were $166.6 million, or $1.20 a share. That compares to $241.7 million, $1.72 cents a share, the prior year.

Flir's stock fell 34 cents at Tuesday's opening to $36.06. Shares are near their highest point in several years.

-- Mike Rogoway; twitter: @rogoway; 503-294-7699

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