Milford, Mass.-based Waters Corporation (NYSE:WAT) is getting ready to switch CEOs within the next two years.

On Tuesday, Waters announced that Chief Executive Officer Douglas A. Berthiaume, 64, is planning to retire from his post sometime "within the next 24 months." When he does, he will be capping a two-decade career with Waters, during which time Waters has grown its revenues more than 500% -- while the company's share price expanded more than 25-fold since its IPO in 1995, according to the company.

"It has been a joy and a privilege to oversee the progress Waters Corporation has made over the past twenty years," said Berthiaume in a statement. The company's "future is bright, our team is strong, and we remain focused on continuing to grow the business and serve our customers well."

Berthiaume is giving notice of his planned departure well in advance, so as to surprise no one, and give the company's Board of Directors time to undertake "a thoughtful and deliberate process to select a new CEO."