- Push-out Score suggests push-out forces
- After almost 17 years in the position
- Roberto Cuca taking over
(exechange) — Bethlehem, Pennsylvania, May 4, 2018 — Ron Spair, finance chief of OraSure, leaves. It is a change at short notice. As announced by OraSure Technologies, Inc. in a news release and in a regulatory filing published on Friday, May 4, 2018, Ronald H. (Ron) Spair, Chief Financial Officer, leaves the medical device company after almost 17 years in the position, effective June 8, 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 CFOs who departed over the past 12 months was 6.6 years, according to data compiled by exechange. Only 6 percent of the CFOs who departed over the past 12 months left the position after more than 15 years.
Spair’s move comes shortly after Stephen S. Tang took over as CEO of OraSure Technologies, Inc.
Furthermore, Spair’s move comes shortly after Michael Celano took over as Chairman of OraSure Technologies, Inc.
Spair’s duties will be taken over by Roberto Cuca, most recently Chief Financial Officer of Trevena, Inc.
The fact that Spair’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, OraSure did not explicitly explain the reason for Spair’s imminent move, leaving room for speculation.
Precise information about Spair’s future plans was not immediately available.
Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position at short notice and without a reasonable explanation.
OraSure said: “Mr. Cuca will initially serve as Senior Advisor to the Company and will succeed Ronald H. Spair, who currently serves as Chief Financial Officer.”
OraSure further said: “Mr. Spair will retire from the Company as its Chief Financial Officer and Chief Operating Officer and as a member of the Company’s Board of Directors on the same date [June 8, 2018].”
Share price decline
The change follows a decline in the share price of OraSure Technologies, Inc. since February 2018.
Chaired by Michael Celano
OraSure Technologies, Inc. is chaired by Michael Celano.
Michael Celano became Chairman of the OraSure Board in April of 2018 after joining the Board in October 2006.
CEO: Stephen S. Tang
Stephen S. Tang serves as CEO of OraSure Technologies, Inc. Stephen S. Tang became President and CEO of OraSure on April 1, 2018. Prior to becoming President and CEO, Tang joined the OraSure Board in April of 2011 and was the Company’s Chairman of the Board since November 2017.
In the position of CFO since 2001
Spair has been the Company’s Chief Financial Officer and Chief Operating Officer and has been a member of the Board since September 2006.
He served as Executive Vice President and Chief Financial Officer of the Company since November 2001.
Prior to that time, Spair served as Chief Financial Officer for various companies in the pharmaceutical industry, including Delsys Pharmaceutical Corporation, SuperGen, Inc., Sparta Pharmaceuticals, Inc. and Envirogen, Inc.
Spair received both his B.S. degree in Accounting and M.B.A. from Rider College.
He is also a licensed Certified Public Accountant, a Chartered Global Management Accountant, a member of the New Jersey Society of Certified Public Accountants and the American Institute of Certified Public Accountants.
He serves on the boards of Fulton Financial Corporation and Life Sciences PA.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Ron Spair’s imminent 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 20.2018 ($).