- Push-out Score determined
- After almost 12 years in the position
- Thanks for Friel
- Prahlad Singh taking over
- Friel said 82 words
(exechange) — Waltham, Massachusetts, August 21, 2019 — Rob Friel, chief executive of PerkinElmer, leaves. As announced by PerkinElmer Inc. in a news release and in a regulatory filing published on Wednesday, August 21, 2019, Robert F. (Rob) Friel leaves his post as chief executive officer at the life science firm after almost 12 years in the role, effective December 29, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.2 years, according to data compiled by exechange. On an accumulated basis, around 26% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.
Rob Friel’s duties as CEO will be taken over by Prahlad R. Singh, currently chief operating officer of PerkinElmer, Inc.
“To take PerkinElmer forward to its next level of success”
A reason for Rob Friel’s departure from the CEO post was not explicitly provided. PerkinElmer said: “The board and I are confident that Prahlad is the right person to take PerkinElmer forward to its next level of success because of his proven ability to build and grow businesses and his deep market knowledge and extensive commercial and operational experience.”
Precise information regarding Rob Friel’s future plans was not immediately available.
PerkinElmer said: “PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, today announced that after a career of more than 20 years at the Company, including the last 12 years as chief executive officer, Robert F. Friel, has decided to retire as chairman and CEO and member of the board of directors as of the end of the Company’s fiscal year on December 29, 2019.”
Share price increase since February 2008
The announcement follows an increase in PerkinElmer, Inc.’s share price of 209% since February 2008.
In the position of CEO since 2008
Rob Friel became CEO of the Company in February 2008.
After December 29, Friel will continue as an advisor to the Company until March 1, 2020.
Friel currently serves as Chairman and Chief Executive Officer of PerkinElmer, having also served as the Company’s President from August 2007 through 2018.
Prior to being appointed President and Chief Executive Officer in February 2008 and Chairman in April 2009, he had served as President and Chief Operating Officer since August 2007, and as Vice Chairman and President of the Company’s Life and Analytical Sciences unit since January 2006.
Friel was the Company’s Executive Vice President and Chief Financial Officer, with responsibility for business development and information technology in addition to his oversight of the Company’s finance functions, from October 2004 until January 2006.
Friel joined PerkinElmer in February 1999 as the Company’s Senior Vice President and Chief Financial Officer.
Prior to joining PerkinElmer, he held several senior management positions with AlliedSignal, Inc., now Honeywell International.
Friel received a Bachelor of Arts degree in economics from Lafayette College and a Master of Science degree in taxation from Fairleigh Dickinson University.
Friel is currently a director of NuVasive, Inc. and Xylem Inc., and previously served as a director of CareFusion Corporation until its acquisition by Becton, Dickinson and Company in March 2015.
He also previously served on the national board of trustees for the March of Dimes Foundation.
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 PerkinElmer and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2019 ($).