- Push-out Score determined
- After about six years in the position
- Accolades and praise for Joyce
- Rainer Blair taking over
- Joyce spoke at length and said 161 words
(exechange) — Washington, D.C., May 6, 2020 — Tom Joyce, chief executive of Danaher, leaves. As announced by Danaher Corp. in a news release and in a regulatory filing published on Wednesday, May 6, 2020, Thomas P. (Tom) Joyce leaves his post as chief executive officer at the maker of medical and industrial products after about six years in the role, effective September 1, 2020.
Tom Joyce’s duties as CEO will be taken over by Rainer M. Blair, currently Executive Vice President of Danaher Corp.
“The culmination of our ongoing succession planning process”
Tom Joyce’s departure from the CEO post is explained as follows. Steven M. Rales, Chairman of the Danaher Board of Directors, said: “This announced transition comes at a time when Danaher has never been stronger or better positioned to compete given our attractive portfolio of businesses, seasoned leadership team, and Danaher Business System culture. The selection of Rainer to succeed Tom reflects the culmination of our ongoing succession planning process.”
Precise information regarding Tom Joyce’s future plans was not immediately available.
“Retirement”
Danaher said: “Executive Vice President, Rainer M. Blair, will succeed Thomas P. Joyce Jr. as President and Chief Executive Officer and as a member of the Company’s Board of Directors, upon Mr. Joyce’s retirement from these positions on September 1, 2020.”
Danaher further said: “On May 6, 2020, Thomas P. Joyce, Jr., President and Chief Executive Officer of Danaher Corporation (the “Company” or “Danaher”), notified the Company that he will step down from his position as President and Chief Executive Officer, as a member of the Company’s Board of Directors (“Board”) and from each of the Executive, Finance and Science & Technology Committees of the Board, in each case as of September 1, 2020.”
Share price increase since September 2014
The announcement follows an increase in Danaher Corp.’s share price of 160% since September 2014.
Chaired by Steven M. Rales
Danaher Corp. is chaired by Steven M. Rales.
Rales is a co-founder of Danaher and has served as Danaher’s Chairman of the Board since 1984. He was also CEO of the Company from 1984 to 1990.
In the position of CEO since 2014
Tom Joyce became CEO of the Company in 2014.
Joyce will continue as a senior advisor at Danaher through February 28, 2021.
Joyce has served as Danaher’s President and Chief Executive Officer since September 2014.
Joyce joined Danaher in 1989 and served in leadership positions in a variety of different functions and businesses before his promotion to President and Chief Executive Officer.
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 Danaher and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2020 ($).