- Push-out Score suggests push-out forces
- After less than three and a half years in the position
- Praise and thanks for Lucier
- Chris Barry taking over
- Lucier will remain as chairman at NuVasive
- Lucier said 95 words
(exechange) — San Diego, California, October 19, 2018 — Greg Lucier, chief executive of NuVasive, leaves the position. It is a change at short notice. As announced by NuVasive, Inc. in a news release and in a regulatory filing published on Friday, October 19, 2018, Gregory T. (Greg) Lucier leaves his post as chief executive officer at the medical device company after less than three and a half years in the role, effective November 5, 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 9.1 years, according to data compiled by exechange.
Greg Lucier’s duties will be taken over by J.Christopher (Chris) Barry, most recently senior vice president and president of Surgical Innovations of Medtronic plc.
The fact that Greg Lucier’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.
Greg Lucier’s move is part of a management shake-up also involving the position of president.
The management change is explained as follows. Don Rosenberg, lead independent director of the NuVasive Board, said: “Succession planning is one of the most important responsibilities for a Board of Directors of a publicly traded company, and we take those responsibilities seriously.”
Lucier will remain as chairman at NuVasive
“Mr. Barry will join the NuVasive Board of Directors; Mr. Lucier will continue to serve as chairman of the Board,” NuVasive said.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position at short notice and without a reasonable explanation.
NuVasive said: “NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, today announced its Board of Directors has named J. Christopher Barry to succeed Gregory T. Lucier as chief executive officer (CEO) effective November 5, 2018.”
Share price decline
The change follows a decline in the share price of NuVasive, Inc. since July 2017.
In the position of CEO since 2015
Gregory T. Lucier has been Chief Executive Officer since May 22, 2015.
Lucier has served as the Company’s Chairman and Chief Executive Officer since May 2015, and he has served as a member of the Company’s Board since December 2013.
Lucier has over 25 years of executive management experience and served as Chairman and Chief Executive Officer of Life Technologies Corporation, a global biotechnology company, from May 2003 until their acquisition by Thermo Fisher Scientific Inc. in February 2014.
Prior to joining Life Technologies, Lucier served as Chief Executive Officer and President at GE Medical Systems Information Technologies, Vice President for Global Services at GE Medical Systems and served as a corporate officer of the General Electric Corporation.
Lucier will remain involved with the strategic direction of the company as the chairman of the Board.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Greg Lucier’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 43.2018 ($).