- Push-out Score determined
- After around 11 years in the position
- Praise, thanks and good wishes for Earnhardt
- Kieran Gallahue taking over in the interim
- Search for a successor
- Earnhardt said 71 words
(exechange) — Menlo Park, California, May 6, 2019 — Lisa Earnhardt, chief executive of Intersect ENT, leaves. As announced by Intersect ENT Inc. in a news release and in a regulatory filing published on Monday, May 6, 2019, Lisa D. Earnhardt leaves her post as Chief Executive Officer at the medical device company after around 11 years in the role, effective June 5, 2019.
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 CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange. Only 29 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Intersect ENT will undertake a search for a successor.
Lisa Earnhardt’s duties will be taken over in the interim by Kieran T. Gallahue, most recently Lead Director of Intersect ENT, Inc., as Interim Chief Executive Officer.
“To accept another opportunity”
Lisa Earnhardt’s imminent departure from the CEO post is explained as follows. Intersect ENT said: “Lisa Earnhardt will be stepping down from her role as Chief Executive Officer on June 5, 2019 to accept another opportunity.”
Precise information regarding Lisa Earnhardt’s future plans was not immediately available.
Intersect ENT said: “On May 6, 2019, Lisa D. Earnhardt, the Company’s President and Chief Executive Officer, informed the Company that she was resigning as the Company’s President and Chief Executive Officer, effective June 5, 2019.”
Share price decline
The announcement follows a decline in Intersect ENT, Inc.’s share price of 20 percent since May 2018.
In the position of CEO since 2008
Lisa D. Earnhardt has served as the Company’s President and Chief Executive Officer and as a member of the Company’s Board of Directors since March 2008.
Earnhardt also has served on the Board of Directors of Nevro Corp. since June 2015, and Kensey Nash Corporation from September 2011 until June 2012, both medical device companies.
Earnhardt will remain a member of the Intersect ENT Board.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Intersect ENT and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2019 ($).