- After about five years in the position
- Paul Ziegler taking over
(exechange) — Denver, Colorado, July 17, 2023 — Scott Drake, chief executive of ViewRay, leaves his position. As announced by ViewRay Inc. in a news release and in a regulatory filing published on Monday, July 17, 2023, Scott W. Drake has left his post as chief executive officer at the radiation therapy system maker, after about five years in the role, effective July 15, 2023.
Scott Drake’s duties as CEO will be taken over by Paul Ziegler, most recently Chief Commercial Officer at ViewRay Inc.
“Maximize value for the benefit of all stakeholders”
ViewRay did not give an explicit reason for Scott Drake’s departure from the CEO post. Ziegler stated: “We deeply appreciate our teammates, customers, partners, and patients that we serve. We will continue to work diligently to maximize value for the benefit of all stakeholders.”
Precise information regarding Scott Drake’s future plans was not immediately available.
“Ceased to serve”
ViewRay said: “[O]n July 15, 2023, Scott Drake ceased to serve as the Chief Executive Officer of the Company, and transitioned to a continuing role as a director of the Company.”
Share price decline since July 2022
The announcement follows a decline in ViewRay Inc.’s share price of 86% since July 2022.
In the position of CEO since 2018
Scott Drake became CEO of the Company in 2018.
Scott W. Drake served as the Company’s President and Chief Executive Officer and as a member of the Board since July 2018.
Drake has over 30 years of experience in the medical device field.
From August 2011 to August 2017, he served as President and Chief Executive Officer, and as a member of the board of directors of The Spectranetics Corporation (NASDAQ: SPNC), a medical device company.
From November 2009 to July 2011, he was a Senior Vice President of DaVita Corporation (NYSE: DVA), a provider of kidney care and dialysis.
Drake has served on the board of directors of Paragon 28, Inc. (NYSE: FNA) a medical device manufacturer, since August 2021.
Drake served as the Board Chair of AtriCure, Inc. (NASDAQ: ATRC) from 2013 to April 2021, as well as a member of the board of directors of Zayo Group Holdings, Inc. (NYSE: ZAYO) from November 2018 to March 2020.
He has served on the board of directors of Cordis, a privately held medical device manufacturer, since August 2021.
He serves as the Chair of the AdvaMed Radiation Therapy Sector as well as a board member for the Medical Device Manufacturers Association.
Drake holds a B.S. in Business Administration from Miami University of Ohio.
No statement by Scott Drake
The announcement of his departure as CEO does not include a statement by Scott Drake.
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 314 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 17, 2022, to July 16, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or personal reasons were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Scott Drake’s move determined
The Push-out Score regarding Scott Drake’s move is explained point by point in the exechange report.
exechange reached out to ViewRay and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 30.2023 ($).