- Push-out Score determined
- After almost eight years in the position
- Accolades, praise and thanks for Mehren
- Jack Phillips taking over
- Mehren said 88 words
(exechange) — Tucson, Arizona, December 4, 2019 — Larry Mehren, chief executive of Accelerate Diagnostics, leaves. As announced by Accelerate Diagnostics Inc. in a news release and in a regulatory filing published on Wednesday, December 4, 2019, Lawrence (Larry) Mehren leaves his post as Chief Executive Officer at the in vitro diagnostics company after almost eight years in the role, effective January 31, 2020.
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 7.5 years, according to data compiled by exechange.
Larry Mehren’s duties as CEO will be taken over by John (Jack) Phillips, currently Chief Operating Officer of Accelerate Diagnostics, Inc.
“Succession plan”
Larry Mehren’s departure from the CEO post is explained as follows. Accelerate Diagnostics said: “This move is the culmination of a succession plan initiated in 2018 by Mr. Mehren and the board to prepare the company for the next phase of commercial growth.”
Precise information regarding Larry Mehren’s future plans was not immediately available.
“Retire”
Accelerate Diagnostics said: “Lawrence Mehren will retire from the company.”
Accelerate Diagnostics further said: “On December 1, 2019, Lawrence Mehren formally notified Accelerate Diagnostics, Inc. (the “Company”) of his intention to retire as President and Chief Executive Officer and as a director of the Company effective January 31, 2020.”
“Not due to any disagreement”
“Mr. Mehren’s decision to retire was not due to any disagreement with the Company on any matter relating to its operations, policies or practices,” Accelerate Diagnostics said.
Share price decline
The announcement follows a decline in Accelerate Diagnostics, Inc.’s share price of 49% since January 2018.
Chaired by John Patience
Accelerate Diagnostics, Inc. is chaired by John Patience.
John Patience has served as a Director of the company since June 26, 2012.
In the position of CEO since 2012
Larry Mehren became CEO of the Company in 2012.
Mehren will support the transition process, remaining as a key advisor to the company through 2021.
Lawrence Mehren has served as a Director of the Company and as the President and Chief Executive Officer since June 26, 2012.
Mehren served as Senior Vice President and Chief Financial Officer of Ventana Medical Systems from 2007 until 2008, SVP of Emerging Businesses from 2008 until 2009, and as Head of Global Business from 2009 until 2011.
Previously, he was Managing Director, Partner and head of P&M Corporate Finance’s (an investment banking firm based in Detroit, Michigan) life sciences practice.
Prior to his tenure at P&M, Mehren worked in management positions with Gale Group, a division of The Thomson Corporation, as well as Merrill Lynch.
Mehren holds a B.A. in Political Science from the University of Arizona and an M.B.A. from Northwestern University’s Kellogg Graduate School of Management.
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 Accelerate Diagnostics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2019 ($).