- Push-out Score determined
- After about four and a half years in the position
- Praise and thanks for Sullivan
- Sullivan spoke at length and said 102 words
(exechange) — Billerica, Massachusetts, September 10, 2018 — Pat Sullivan, chief executive of Insulet, hands over the reins. As announced by Insulet Corporation in a news release on Monday, September 10, 2018, Patrick (Pat) Sullivan leaves his post as Chief Executive Officer at the medical device company after about four and a half years in the role, effective December 31, 2018.
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 9.2 years, according to data compiled by exechange.
Sullivan’s duties will be taken over by Shacey Petrovic, currently Chief Operating Officer of Insulet Corporation.
It is a generational change as well. Shacey Petrovic is about 22 years younger than Pat Sullivan.
“We have deliberately and thoughtfully planned for this succession”
Sullivan’s departure from the CEO post is explained as follows. Sullivan said: “We have deliberately and thoughtfully planned for this succession and I am confident it’s the right time to transition the Company to its next generation of leadership.”
“The leadership succession plan announced today is the culmination of a thoughtful, robust process to ensure that Insulet is best positioned to continue delivering sustainable long-term value creation,” said Jessica Hopfield, Lead Independent Director of Insulet’s Board of Directors.
Precise information about Sullivan’s future plans was not immediately available.
Insulet said: “Shacey Petrovic, President and Chief Operating Officer, will succeed Patrick Sullivan as Insulet’s Chief Executive Officer, effective January 1, 2019.”
Share price rise since June 2017
The change follows a rise in the share price of Insulet Corporation since June 2017.
In the position of CEO since 2014
Sullivan has served as the Company’s Chairman of the Board and Chief Executive Officer since October 2016.
From September 2014 to October 2016, Sullivan served as the Company’s President, Chief Executive Officer and Director.
From 2008 to 2013, Sullivan served as Chairman and Chief Executive Officer of Constitution Medical Investors.
From 2007 to 2008, Sullivan served as Executive Chairman of Hologic Corporation after its merger with Cytyc Corporation.
From 1994 to 2007, Sullivan served as Cytyc Corporation’s Chairman, President and Chief Executive Officer.
From 1991 to 1994, Sullivan served as Cytyc Corporation’s Vice President of Sales and Marketing. Prior to 1991, Sullivan was employed in marketing roles of increasing responsibility at Abbott Laboratories, a diversified healthcare company, and as a consultant with McKinsey & Company, an international consulting firm.
Sullivan serves as a Director of PerkinElmer, Inc., a global leader focused on improving the health and safety of people and the environment. Sullivan holds a Bachelor of Science, with Distinction, from the United States Naval Academy and a Master of Business Administration, with Distinction, from Harvard Business School.
Sullivan will retire from the Board at year end and will remain available to the Company in a consulting role through the end of 2019.
Timothy J. Scannell, who has served as a member of Insulet’s Board for the last four years, will become Chairman, effective January 1, 2019.