- Push-out Score determined
- After about four years in the position
- Praise for Tang
- Search for a successor
- Tang said 103 words
(exechange) — Bethlehem, Pennsylvania, January 5, 2022 — Steve Tang, chief executive of OraSure, leaves. As announced by OraSure Technologies Inc. in a news release on Wednesday, January 5, 2022, Stephen S. (Steve) Tang, chief executive officer, leaves the provider of point-of-care and home diagnostic testing and sample collection technologies, after about four years in the role, effective March 31, 2022.
OraSure will undertake a search for a successor.
Steve Tang’s move coincides with a management shake-up also involving the positions of President of Diagnostics; and President of Molecular Solutions.
“To enhance stockholder value”
OraSure did not give an explicit reason for Steve Tang’s departure from the CEO post. OraSure said: “OraSure Technologies, Inc. (NASDAQ: OSUR), a global leader in point-of-care and home diagnostic testing and sample collection technologies, today announced preliminary Q4 2021 results, organizational changes, and a Board-level review of strategic alternatives to enhance stockholder value.”
Precise information regarding Steve Tang’s future plans was not immediately available.
“Leaving the Company”
OraSure said: “Stephen Tang Ph.D., President and CEO, will be the leaving the Company as of March 31, 2022. In the interim, Dr. Tang will focus primarily on assisting the Board in its strategic review process and helping to ensure an orderly transition of the CEO role.”
Share price decline since April 2018
The announcement follows a decline in OraSure Technologies Inc.’s share price of 51% since April 2018. April 2018 is the month in which Tang’s tenure as CEO began.
In the position of CEO since 2018
Steve Tang became CEO of the Company in 2018.
Stephen S. Tang, Ph.D., became a member of the Board in April 2011 and served as the Company’s Chairman until he became the Company’s President and CEO on April 1, 2018.
From January 2008 to March 2018, Tang served as President and Chief Executive Officer of the University City Science Center, an urban research park and business incubator owned by over thirty leading universities, medical schools and health networks in the greater Philadelphia, Pennsylvania area.
Prior to his tenure at the University City Science Center, Tang held senior management and business development positions with several firms in the life sciences industry, including Olympus America, Inc., Millennium Cell Inc. and A.T. Kearney Inc.
Tang holds a B.S. degree in Chemistry from The College of William and Mary, an M.S. and Ph.D. in Chemical Engineering from Lehigh University and an M.B.A. from The Wharton School of Business at the University of Pennsylvania.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Tang’s move on a scale of 0 to 10.
exechange reached out to OraSure and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2022 ($).