- Push-out Score determined
- After about six years in the position
- Accolades, praise and thanks for Scheller
- Scott Durbin taking over
(exechange) — Englewood, Colorado, May 10, 2018 — Pat Scheller, chief executive of Viveve, leaves. It is an abrupt change. As announced by Viveve Medical, Inc. in a news release on Thursday, May 10, 2018, Patricia (Pat) Scheller leaves her post as Chief Executive Officer at the medical technology company after about six years in the position, effective immediately.
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 12 months was 9.8 years, according to data compiled by exechange.
Scheller’s duties will be taken over by Scott Durbin, most recently Chief Financial Officer of Viveve Medical, Inc.
Scheller’s move is part of a management shake-up also involving the position of Senior Advisor to the CEO.
“To pursue other personal and business opportunities”
The management change is explained as follows. Viveve said: “Mr. Durbin’s appointment follows Patricia Scheller’s decision to step down from her position as Chief Executive Officer to pursue other personal and business opportunities.”
The phrase “to pursue other personal and business opportunities” opens the door to speculation.
Precise information about Scheller’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CEO leaves the post abruptly and without an understandable explanation.
Share price decline
The change follows a decline in the share price of Viveve Medical, Inc. since March 2013.
Chaired by Daniel S. Janney
Viveve Medical, Inc. is chaired by Daniel S. Janney.
In the position of CEO since 2012
Patricia K. Scheller has been the Chief Executive Officer at Viveve Medical, Inc. and Viveve, Inc. since May 2012.
Scheller joined the Company’s Board on September 18, 2014 (with her service beginning following the Company’s merger with PLC Systems Acquisition Corporation) and has been a director of the Company’s wholly-owned subsidiary, Viveve, Inc., since June 2012.
Scheller also serves as the Company’s Chief Executive Officer and, since May 2012, as Chief Executive Officer of Viveve, Inc. Prior to joining Viveve, Inc., she served as the Chief Executive Officer of Prescient Medical, Inc. (“PMI”), a privately held company that developed diagnostic imaging catheters and coronary stents designed to reduce deaths from heart attacks, from September 2004 through April 2012 and as a director of PMI from July 2004 to September 2011.
Prior to joining PMI, from August 2003 to September 2004, she was the Chief Executive Officer of SomaLogic, a biotechnology company focused on the development of diagnostic products using aptamer technology.
From December 2000 to April 2003, Scheller also managed several business units at Ortho-Clinical Diagnostics, a Johnson & Johnson company, and from October 1997 to November 2000 served in key executive positions at Dade Behring, a clinical diagnostics firm.
While at Dade Behring Holdings, Inc., she directed the commercialization of the hsCRP diagnostic test, a screening test for systemic inflammation, which has been shown to increase the risk of heart attacks.
The hsCRP test was the first diagnostic test added to the cardiac test panel by the Centers for Disease Control and Prevention and the American Heart Association in over 30 years.
As Director of Cardiology Systems at Cordis Corporation (a Johnson & Johnson company) from February 1994 to February 1996, Scheller managed the launch of the first Palmaz-Schatz® balloon-expandable coronary stent, the first major product entry into what became a $6 billion market.
Scheller received a B.S.E. degree in Biomedical Engineering from Duke University and completed executive business education programs at Harvard University, Massachusetts Institute of Technology, Columbia University and Northwestern University.
Scheller will remain on the Viveve Board of Directors.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 20.2018 ($).