ViewRay CEO Chris Raanes leaves abruptly

  • Push-out Score suggests push-out forces
  • After about five and a half years in the position
  • Thanks for Raanes
  • Scott Drake taking over
  • Raanes kept it short and said 31 words

(exechange) — Cleveland, Ohio, July 24, 2018 — Chris Raanes, chief executive of ViewRay, leaves. It is an abrupt change. As announced by ViewRay, Inc. in a news release and in a regulatory filing published on Tuesday, July 24, 2018, Chris A. Raanes leaves his post as Chief Executive Officer at the maker of radiation therapy systems after about five and a half years in the role, 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 9.5 years, according to data compiled by exechange.

Raanes’s duties will be taken over by Scott William Drake, most recently Chief Executive Officer of Spectranetics Corporation.

The fact that Raanes’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

Raanes’s move is part of a management shake-up also involving the position of Chief Operating Officer.

No reason given

In the announcement, ViewRay did not explicitly explain the obviously compelling reason for Raanes’s sudden move, leaving room for speculation.

Precise information about Raanes’s future plans was not immediately available.

“Departure/resignation”

ViewRay said: “The Company … announced the departures of current President and Chief Executive Officer Chris A. Raanes and Chief Operating Officer Doug Keare.”

ViewRay further said: “On July 24, 2018, ViewRay, Inc. … issued a press release announcing the appointment of Scott Drake as President and Chief Executive Officer of the Company and the resignation of Chris A. Raanes as President and Chief Executive Officer.”

Share price rise since July 2018

The change follows a rise in the share price of ViewRay, Inc. since July 2018.

Chaired by Daniel Moore

ViewRay, Inc. is chaired by Daniel Moore.

Moore has served as Chairman of LivaNova’s board of directors since 2015. Previously he served as a member of the board and chief executive officer of Cyberonics from 2007.

In the position of CEO since 2013

Chris A. Raanes has served as the Company’s President and Chief Executive Officer and as a member of the board of directors since February 2013.

Raanes brought over 15 years of experience in the private and public medical device field.

As the Company’s President and Chief Executive Officer, Raanes has supported the Company’s growth and strategic initiatives, including the Company’s worldwide commercial expansion of MRIdian®.

Previously, Raanes was Executive Vice President from July 2011 to November 2012 and Chief Operating Officer and Senior Vice President from September 2002 to July 2011 at Accuray Incorporated, a medical device company.

He also served as Vice President and General Manager, Digital Imaging at PerkinElmer Inc., a healthcare company, from December 1999 to March 2002.

Raanes holds a B.S. and an M.S. in Electrical Engineering from the Massachusetts Institute of Technology.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Chris Raanes’s sudden 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 31.2018 ($).