- Push-out Score determined
- After about five years in the position
- Praise, thanks and good wishes for Capone
- Bryan Riggsbee taking over in the interim
- Search for a successor
- Capone said 69 words
(exechange) — Salt Lake City, Utah, February 6, 2020 — Mark Capone, chief executive of Myriad, leaves — as “mutually agreed.” As announced by Myriad Genetics Inc. in a news release and in a regulatory filing published on Thursday, February 6, 2020, Mark C. Capone leaves his post as chief executive officer at the molecular diagnostic and precision medicine company after about five years in the role, effective immediately.
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.
Myriad will undertake a search for a successor.
Mark Capone’s duties as CEO will be taken over in the interim by R.Bryan Riggsbee, currently Chief Financial Officer of Myriad Genetics Inc., as Interim Chief Executive Officer.
“Now is the right time”
Mark Capone’s departure from the CEO post is explained as follows. John T. Henderson, M.D., Chairman of the Board of Directors, said: “As we position Myriad for its next phase of growth and value creation, the Board and Mark have mutually agreed that now is the right time for a leadership transition.”
Precise information regarding Mark Capone’s future plans was not immediately available.
Myriad said: “Mark C. Capone has resigned as President and Chief Executive Officer and as a member of the Company’s Board of Directors, effective immediately. Mr. Capone will remain available to the Company to assist in this transition.”
Myriad further said: “On February 6, 2020, Myriad Genetics, Inc. (“Myriad” or the “Company”) announced that, effective February 6, 2020, Mark C. Capone resigned as President, Chief Executive Officer and Director of the Company.”
Share price decline
The announcement follows a decline in Myriad Genetics Inc.’s share price of 13% since July 2015.
Chaired by John T. Henderson
Myriad Genetics Inc. is chaired by John T. Henderson.
John T. Henderson, M.D. was elected as Chairman of the Board in April 2005. He previously served as a Director of the company effective May 2004.
In the position of CEO since 2015
Mark Capone became CEO of the Company in 2015.
Capone is expected to remain as a non-executive employee of the Company for a transition period to assist in the transition of management.
Mark C. Capone, was appointed as the President and Chief Executive Officer, or CEO, of Myriad Genetics, Inc., and a member of the Board of Directors, effective July 1, 2015.
Previously, he served as the President of Myriad Genetic Laboratories, Inc., a wholly owned subsidiary of Myriad. Capone joined the Company in October 2002, initially as Vice President of Sales until being named Chief Operating Officer in February 2006, a position he held until his promotion to President of Myriad Genetic Laboratories, Inc. in March 2010.
Prior to joining Myriad, he served 17 years with Eli Lilly and Company, where he held positions as Product Development Manager, Manufacturing Plant Manager, and Area Sales Director.
Capone received his B.S. degree in Chemical Engineering from Penn State University, graduating with highest distinction, his M.S. degree in Chemical Engineering from the Massachusetts Institute of Technology, and his M.S. in Management from the Massachusetts Institute of Technology.
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 Myriad and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2020 ($).