- Push-out Score determined
- After less than three and a half years in the position
- Praise and thanks for Kennedy
- Tom Sullivan taking over
(exechange) — Pleasanton, California, December 17, 2021 — Jonathan Kennedy, chief executive of Natus Medical, leaves. As announced by Natus Medical Inc. in a news release and in a regulatory filing published on Friday, December 17, 2021, Jonathan A. Kennedy has left his post as chief executive officer at the provider of medical device solutions, after less than three and a half years in the role, effective December 13, 2021.
Jonathan Kennedy’s duties as CEO will be taken over by Thomas J. (Tom) Sullivan, most recently Chief Executive Officer at Spectrum Plastics Group.
Already a director
Sullivan is already a director of Natus Medical. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Sullivan understands the expectations and dynamics of the board and has knowledge of Natus Medical’s organization, risk-management practices and strategy.
“Developing a strategy to build upon Natus’ market leading positions”
Natus Medical did not give an explicit reason for Jonathan Kennedy’s departure from the CEO post. Natus Medical said: “Earlier this year, the Board of Directors engaged a strategic consulting firm to assist it in developing a strategy to build upon Natus’ market leading positions. Following the review, the Board retained Egon Zehnder to conduct a succession planning process which reviewed a talented slate of internal and external candidates to lead Natus. In appointing Mr. Sullivan, the Board has selected a 20+ year medical device veteran with extensive global executive experience and diverse expertise in strategic planning, operational excellence, organizational development, business transformation, M&A, and public company leadership.”
Precise information regarding Jonathan Kennedy’s future plans was not immediately available.
“Resigned”
Natus Medical said: “On December 13, 2021, Jonathan A. Kennedy resigned from the office of President and Chief Executive Officer and as a director of Natus Medical Incorporated (the “Company”) effective December 13, 2021 (the “Separation Date”).”
“Did not resign as a result of any disagreement”
“Mr. Kennedy did not resign as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” Natus Medical said.
Share price decline since July 2018
The announcement follows a decline in Natus Medical Inc.’s share price of 34% since July 2018. July 2018 is the month in which Kennedy’s tenure as CEO began.
In the position of CEO since 2018
Jonathan Kennedy became CEO of the Company in 2018.
His bio reads as follows:
Select Professional Experience and Highlights:
Natus Medical Incorporated
- President & Chief Executive Officer since 2018
- Member of the Board since 2018
- Executive Vice President & Chief Financial Officer from 2016 to 2018
- Senior Vice President & Chief Financial Officer from 2013 to 2016
Intersil Corporation
- Senior Vice President & Chief Financial Officer from 2009 to 2013
Education and Other Certifications
- S. Accounting, University of Central Florida
- S.B.A. Accounting, University of Central Florida.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jonathan Kennedy’s move on a scale of 0 to 10.
exechange reached out to Natus Medical and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2021 ($).