- Push-out Score determined
- After almost nine years in the position
- Praise and thanks for Hull
- Trey Martin taking over
- Hull will remain as Executive Chairman at Maravai
- Hull said 112 words
(exechange) — San Diego, California, October 3, 2022 — Carl Hull, chief executive of Maravai, leaves his position. As announced by Maravai LifeSciences Inc. in a news release and in a regulatory filing published on Monday, October 3, 2022, Carl W. Hull has left his post as chief executive officer at the provider of life science reagents, after almost nine years in the role, effective September 30, 2022.
Carl Hull’s duties as CEO will be taken over by William (Trey) Martin, most recently Senior Vice President of New Business, Genomic Medicine at Danaher Corporation.
The fact that Carl Hull’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Drive Maravai’s growth strategy”
Maravai did not give an explicit reason for Carl Hull’s departure from the CEO post. Constantine “Dean” Mihas, Maravai Board member and Co-CEO and Managing Director of GTCR, said: “Succession planning is one of the most important responsibilities we have as a board and we all were incredibly impressed by Trey’s expertise in genomics, particularly in the areas of mRNA, gene editing and nucleic acid chemistry. We also believe that his experience as a strategic operator in our space, along with his innate passion for the field, will enable him to drive Maravai’s growth strategy going forward.”
Hull will remain as Executive Chairman at Maravai
“Maravai’s first CEO and co-founder Carl Hull will directly support Mr. Martin during this leadership transition and will remain with Maravai as Executive Chairman of the Board where he will continue to guide the company’s long-term strategy,” Maravai said.
“Ceased to serve”
Maravai said: “On September 30, 2022, concurrently with the appointment of Mr. Martin as Chief Executive Officer, Carl W. Hull ceased to serve as Chief Executive Officer of the Company.”
Share price decline since October 2021
The announcement follows a decline in Maravai LifeSciences Inc.’s share price of 41% since October 2021.
In the position of CEO since 2014
Carl Hull became CEO of the Company in 2014.
Hull will remain involved with the strategic direction of Maravai as the Executive Chairman of the Board and will work together with Martin to help drive the Company forward.
His focus will also be on supporting Martin throughout this leadership transition and leveraging their complementary skillsets to further improve the business.
Hull co-founded Maravai in 2014.
Carl Hull has served as the Company’s Chief Executive Officer since he co-founded Maravai in March 2014.
Hull has served on the Company’s Board since November 2020 and has served as a member of MLSH 1’s board since March 2016.
Hull brings over 35 years of sales, marketing and general management leadership in the diagnostics and life sciences industries.
From 2009 to 2012, Hull was Chief Executive Officer of Gen-Probe Incorporated (“Gen-Probe”), a medical diagnostics company, and served as its Chief Operating Officer from 2007 to 2009.
Under Hull’s leadership, Gen-Probe took full advantage of its core molecular diagnostics and automation strengths and launched several highly innovative products including the PANTHER® molecular diagnostic system and APTIMA® HPV screening assay.
During Hull’s tenure, Gen-Probe extended its recognized leadership position in the most rapidly growing diagnostics market segment and the market capitalization of Gen-Probe doubled, creating nearly $2 billion in value for shareholders and culminating in a successful sale to Hologic, Inc. (“Hologic”) in 2012.
Prior to Gen-Probe, Hull had been in sales, marketing and management positions for Abbott Laboratories, Ventana Medical Systems, Inc. (acquired by Roche Holding AG), Applied Imaging Corp. (now part of Danaher Corporation) and Applied Biosystems Inc. (now part of Thermo Fisher Scientific Inc. (“Thermo Fisher”)), all biomedical technology companies.
Hull is a member of the Board of Ortho Clinical Diagnostics, a leading human diagnostics company.
Hull holds an MBA from the University of Chicago and a BA in Political Science and International Relations from the Johns Hopkins University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Carl Hull’s move on a scale of 0 to 10.
exechange reached out to Maravai and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 41.2022 ($).