- Push-out Score suggests push-out forces
- After almost 14 years in the position
- Accolades, praise, thanks and good wishes for Michels
- Steve Tang taking over
(exechange) — Bethlehem, Pennsylvania, January 4, 2018 — Doug Michels, chief executive of OraSure, leaves. As announced by OraSure Technologies, Inc. in a news release and in a regulatory filing published on Thursday, January 4, 2018, Douglas A. (Doug) Michels leaves his post as Chief Executive Officer at the diagnostic testing and specimen collection company after almost 14 years in the position, effective March 31, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange. Only 34 percent of the CEOs who departed over the past twelve months left the position after more than ten years.
Michels’ move comes 14 months after Stephen S. Tang took over as Chairman of OraSure Technologies, Inc.
Michels’ duties will be taken over by Steve Tang, currently Chairman at OraSure Technologies, Inc.
Michels’ move is part of a management shake-up also involving the position of Chief Financial Officer and Chief Operating Officer.
“The ideal executive to lead OraSure into the future”
A reason for Michels’ departure from the CEO post was not explicitly given. Charles W. Patrick, Chairman of the Company’s Nominating and Corporate Governance Committee, said: “Steve’s vast technical and business experience, both in the private sector and as a public company CEO, and particularly his long and successful track record in developing and commercializing innovative technologies in the life sciences area, make him the ideal executive to lead OraSure into the future.”
Precise information about Michels’ future plans was not immediately available.
OraSure said: “Dr. Tang will replace Douglas A. Michels, who has chosen to retire as President and CEO and as a Board member on March 31, 2018.”
Share price decline
The change follows a decline in the share price of OraSure Technologies, Inc. since October 2017.
Chaired by Stephen S. Tang
OraSure Technologies, Inc. is chaired by Stephen S. Tang.
Stephen S. Tang became a member of the Board in April 2011 and has served as the Company’s Chairman of the Board since November 2016.
In the position of CEO since 2004
Douglas A. Michels has been the Chief Executive Officer and President of Orasure Technologies, Inc. since joining on June 23, 2004.
Michels has been the Company’s President and Chief Executive Officer since June 2004.
Prior to that, Michels served as Group Vice President, Global Marketing of Ortho-Clinical Diagnostics, President of Ortho-Clinical Diagnostics International, and President of Johnson & Johnson Healthcare Systems, Inc.
Earlier in his career, Michels held various sales and marketing positions of increasing responsibility within the Johnson & Johnson family of companies and with the Diagnostics Division of Abbott Laboratories.
Michels received a B.S. degree in Public Health Administration from the University of Illinois and an M.B.A. from Rutgers University.
Michels recently served on the Presidential Advisory Council on HIV/AIDS (PACHA) and currently serves on the boards of directors of West Pharmaceutical Services, Inc. and the Miller Keystone Blood Center.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Doug Michels’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 2.2018 ($).