- Push-out Score determined
- After 15 years in the position
- Praise and thanks for Mattys
- Search for a successor
- Mattys made a lengthy statement and said 225 words
(exechange) — Minneapolis, Minnesota, January 13, 2020 — Jerry Mattys, chief executive of Tactile, leaves. As announced by Tactile Systems Technology Inc. in a news release and in a regulatory filing published on Monday, January 13, 2020, Gerald R. (Jerry) Mattys leaves his post as chief executive officer at the medical technology company after 15 years in the role, effective in 2020.
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 announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange. On an accumulated basis, around 12% of the CEOs who announced their departure over the past 12 months left their posts after more than 15 years.
Tactile will undertake a search for a successor.
“After a 38-year career in the healthcare industry”
A reason for Jerry Mattys’s departure from the CEO post was not explicitly provided. Mattys said: “After a 38-year career in the healthcare industry, I am announcing my intention to retire in 2020.”
Precise information regarding Jerry Mattys’s future plans was not immediately available.
“Retire”
Tactile said: “Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on developing medical devices for the treatment of chronic diseases at home, today reported preliminary revenue results for the full year and fourth quarter ended December 31, 2019, introduced revenue expectations for the twelve months ended December 31, 2020 and announced that Gerald R. Mattys has communicated his intention to retire as Chief Executive Officer of the Company in 2020.”
Tactile further said: “On January 10, 2020, Gerald R. Mattys informed our Board of Directors of his decision to retire as our Chief Executive Officer (“CEO”), effective no later than December 31, 2020.”
Share price increase since October 2019
The announcement follows an increase in Tactile Systems Technology Inc.’s share price of 69% since October 2019.
Chaired by Peter H. Soderberg
Tactile Systems Technology Inc. is chaired by Peter H. Soderberg.
In the position of CEO since 2005
Jerry Mattys became CEO of the Company in 2005.
Gerald R. Mattys has served as the Company’s Chief Executive Officer and as a member of the Company’s board of directors since 2005.
From 2002 to 2004, he served as the Chief Executive Officer of Medisyn Technologies, Inc., a development stage biotechnology company.
From 2000 to 2002, he was the President and Chief Executive Officer of Timm Medical Technologies, Inc., a medical device company.
During the period from 1998 to 2000, he was Vice President and General Manager of Alternate Care for Mallinckrodt, Inc., a pharmaceutical and medical device company.
Prior to that, he served 18 years in various roles in product management, sales, marketing and management at several medical device companies.
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 Tactile and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2020 ($).