- Push-out Score determined
- Accolades and praise for Kummeth
- Search for a successor
- Kummeth said 70 words
(exechange) — Minneapolis, Minnesota, August 4, 2022 — Chuck Kummeth, chief executive of Bio-Techne, prepares for his departure. As announced by Bio-Techne Corp. in a news release on Thursday, August 4, 2022, Charles R. (Chuck) Kummeth leaves his post as chief executive officer at the manufacturer of purified proteins, antibodies, immunoassays, and instruments for biomedical researchers and clinical research laboratories, after around 11 years in the role, effective June 30, 2024.
Bio-Techne will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Chuck Kummeth’s move comes up to 23 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
No reason given
In the announcement, Bio-Techne did not explicitly explain the reason for the move.
Precise information regarding Chuck Kummeth’s future plans was not immediately available.
“Transition/retirement”
Bio-Techne said: “Bio-Teche [sic!] Corporation (NASDAQ: TECH) today announced Chuck Kummeth’s planned two-year transition from his position as Bio-Techne’s Chief Executive Officer (CEO) effective June 30, 2024.”
Bio-Techne further said: “The Company’s Board of Directors has begun its search for Mr. Kummeth’s replacement, evaluating both internal and external candidates to assume the CEO position upon Kummeth’s retirement at the end of its fiscal 2024.”
Share price increase since August 2017
The announcement follows an increase in Bio-Techne Corp.’s share price of 238% since August 2017.
In the position of CEO since 2013
Chuck Kummeth became CEO of the Company in 2013.
Charles R. Kummeth has been President, Chief Executive Officer, and member of the Board of the Company since April 1, 2013.
Prior to joining the Company, he served as President of Mass Spectrometry and Chromatography at Thermo Fisher Scientific Inc. from September 2011.
He was President of that company’s Laboratory Consumables Division from 2009 to September 2011.
Prior to joining Thermo Fisher, Kummeth served in various roles at 3M Corporation, most recently as the Vice President of the company’s Medical Division from 2006 to 2008.
Kummeth also serves on the board of one other public company, Gentherm, Inc., developer of thermal management technologies.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Chuck Kummeth’s move on a scale of 0 to 10.
exechange reached out to Bio-Techne and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2022 ($).