- Push-out Score determined
- After less than three and a half years in the position
- Accolades, praise and thanks for Petrovic
- Jim Hollingshead taking over
- Petrovic made a lengthy statement and said 245 words
(exechange) — Acton, Massachusetts, May 6, 2022 — Shacey Petrovic, chief executive of Insulet, leaves. As announced by Insulet Corp. in a news release published on Thursday, May 5, 2022, and in a regulatory filing published on Friday, May 6, 2022, Shacey Petrovic leaves her post as chief executive officer at the specialist in tubeless insulin pump technology, after less than three and a half years in the role, effective June 1, 2022.
Shacey Petrovic’s duties as CEO will be taken over by James R. (Jim) Hollingshead, currently President of the Sleep and Respiratory Care business at ResMed Inc.
Already a director
Hollingshead is already a director of Insulet. 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, Hollingshead understands the expectations and dynamics of the board and has knowledge of Insulet’s organization, risk-management practices and strategy.
“Personal family reasons”
Shacey Petrovic’s departure from the CEO post is explained as follows. Insulet said: “Shacey Petrovic has decided to step down from her position as President and Chief Executive Officer (CEO) of Insulet for personal family reasons, effective June 1, 2022.”
Precise information regarding Shacey Petrovic’s future plans was not immediately available.
Insulet said: “Shacey Petrovic has decided to step down from her position as President and Chief Executive Officer (CEO) of Insulet for personal family reasons, effective June 1, 2022.”
Insulet further said: “Shacey Petrovic has notified the Company that she will resign as President and Chief Executive Officer as of June 1, 2022. Ms. Petrovic will remain as a member of the Board.”
Share price increase since January 2019
The announcement follows an increase in Insulet Corp.’s share price of 236% since January 2019. January 2019 is the month in which Petrovic’s tenure as CEO began.
In the position of CEO since 2019
Shacey Petrovic became CEO of the Company in 2019.
Petrovic will continue to serve on the Company’s Board of Directors.
She will also serve as an advisor to the Company through May 2023 to support the leadership transition and Insulet’s continued growth.
Petrovic has served as the Company’s President and Chief Executive Officer since January 1, 2019 and has served on the Company’s Board of Directors since September 2018.
From October 2016 to January 2019, Petrovic served as the Company’s President and Chief Operating Officer.
From February 2016 to October 2016, Petrovic served as the Company’s Executive Vice President and President, Diabetes Products, and from February 2015 to February 2016, she served as the Company’s Chief Commercial Officer.
From 2013 to 2015, Petrovic served as President and Chief Executive Officer of Clinical Innovations, LLC, a developer and manufacturer of medical devices and diagnostics for women’s health.
From 2000 to 2013, Petrovic served in a number of key roles at Hologic, Inc. and Cytyc Corporation, which merged with Hologic in October 2007, including Vice President and General Manager of Hologic’s GYN Surgical Products division, as well as various sales and marketing leadership roles in the U.S. and Europe.
Petrovic also serves on the Board of Directors of Exact Sciences Corporation.
Petrovic earned her Bachelor of Science in Biology from the University of Wisconsin.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Shacey Petrovic’s move on a scale of 0 to 10.
exechange reached out to Insulet and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2022 ($).