- Push-out Score determined
- After about eight years in the position
- Accolades, praise and thanks for Maag
- Reg Seeto taking over
- Maag will remain as Executive Chairman at CareDx
- Maag kept it short and said 49 words
(exechange) — South San Francisco, California, October 29, 2020 — Peter Maag, chief executive of CareDx, leaves his position. As announced by CareDx Inc. in a news release and in a regulatory filing published on Thursday, October 29, 2020, Peter Maag leaves his post as chief executive officer of the manufacturer of molecular diagnostics technologies after about eight years in the role, effective November 1, 2020.
Peter Maag’s duties as CEO will be taken over by Reginald (Reg) Seeto, currently President and Chief Business Officer of CareDx Inc.
“The time is right”
Peter Maag’s departure from the CEO post is explained as follows. Peter Maag said: “The time is right for Reg to become CareDx’s next CEO.”
Maag will remain as Executive Chairman at CareDx
“[E]ffective November 1, 2020, Peter Maag, current Chairman and Chief Executive Officer, will assume the role of Executive Chairman of the Board of Directors,” CareDx said.
Share price increase since October 2019
The announcement follows an increase in CareDx Inc.’s share price of 120% since October 2019.
In the position of CEO since 2012
Peter Maag became CEO of the Company in 2012.
Peter Maag, Ph.D. has served as the Company’s Chief Executive Officer since October 2012, as a member of the Company’s Board of Directors since November 2012 and as the Company’s Chairman of the Board of Directors since January 2020.
Maag also served as the Company’s President from October 2012 until November 2018.
Prior to joining the Company, Maag held numerous positions with increasing responsibility at Novartis International AG, a global healthcare company from September 2001 to April 2012, including Global Head of Novartis Diagnostics, a business unit of Novartis A.G., from 2009 to 2012.
Maag also served as Country President for Novartis Pharma AG in Germany from 2006 to 2008, Country President for Novartis’ Korea operations from 2003 to 2005, and the Head of Strategy for the pharmaceutical division of Novartis A.G. from 2001 to 2002.
Maag also worked at McKinsey & Company, focusing on healthcare and globalization from 1995 to 2001.
Besides supporting various healthcare and tech companies in their growth efforts, Maag also holds a board position at Phoenix Pharma SE and serves on the board of Personalized Medicine Coalition in Washington D.C.
Maag studied pharmaceutical sciences at the University of Heidelberg and University of London and received his Ph.D. from the University of Berlin, Germany.
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 CareDx and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).