- After around 17 years in the position
- Thanks for Rice
- Rod de Greef taking over
- Rice said 101 words
(exechange) — Bothell, Washington State, October 23, 2023 — Mike Rice, chief executive of BioLife, leaves his position. As announced by BioLife Solutions Inc. in a news release published on Thursday, October 19, 2023, and in a regulatory filing published on Monday, October 23, 2023, Michael (Mike) Rice leaves his post as chief executive officer at the supplier of bioproduction tools, after around 17 years in the role, effective immediately.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Mike Rice’s duties as CEO will be taken over by Roderick (Rod) de Greef, a former President and Chief Operating Officer at BioLife Solutions Inc.
Already a director
de Greef has already been a member of the board of directors of BioLife. Having been a director, de Greef understands the expectations and dynamics of the board and has knowledge of BioLife’s organization, risk-management practices and strategy.
Mike Rice’s move coincides with a management shake-up also involving the position of Chief Revenue Officer.
“This is a good time”
The management change is explained as follows. Rice stated: “With third quarter cell processing revenue results coming in as expected and our focused strategy for 2024, I believe this is a good time to hand over leadership of the Company.”
Precise information regarding Mike Rice’s future plans was not immediately available.
“Retiring/resigned”
BioLife said: “Roderick de Greef has been appointed as Chairman of the Board of Directors and Chief Executive Officer replacing Michael Rice who is retiring after a seventeen year tenure, effective immediately.”
BioLife further said: “On October 19, 2023, Michael Rice, the Chief Executive Officer and Chairman of the Board of Directors (the “Board”) of the Company, resigned his positions as Chairman of the Board and Chief Executive Officer of the Company, effective immediately.”
“Not the result of any disagreement”
BioLife stated, regarding the change: “Mr. Rice’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
Share price decline since October 2021
The announcement follows a decline in BioLife Solutions Inc.’s share price of 73% since October 2021.
In the position of CEO since 2006
Mike Rice became CEO of the Company in 2006.
Rice has agreed to consult for the Company until March 31, 2024, to support a smooth transition.
Michael Rice has been Chief Executive Officer since August 2006 and Chairman of the Board since July 2021.
Previously, Rice served as a director from August 2006 to July 2021 and Chairman of the Board from August 2007 to November 2013.
Rice has more than 30 years of leadership and entrepreneurial experience in the medical and high-tech industries.
He was most recently the senior business development manager for medical and wireless products at AMI Semiconductor, from October 2004 to August 2006.
From October 2000 to August 2006, Rice also served as the director of marketing and business development at Cardiac Science, Inc., a manufacturer of automated external defibrillators.
Prior to that, from May 1998 to October 2000, he was the Vice President, Sales and Marketing for TEGRIS Corporation, a privately held network services provider.
Rice also spent 12 years, from May 1986 to May 1998 at Physio Control Corporation in several sales and marketing management roles prior to its acquisition by Medtronic Inc.
101 words by Mike Rice
In the release announcing his departure as CEO of BioLife Solutions Inc., Mike Rice received thanks.
In announcing his departure, Mike Rice said 101 words.
“Will fully support his leadership”
Mike Rice stated: “With third quarter cell processing revenue results coming in as expected and our focused strategy for 2024, I believe this is a good time to hand over leadership of the Company. It has been the highest honor of my career to lead BioLife for over seventeen years. I’ve been blessed to work with such a dedicated and capable leadership team, and entire team of workers, who consistently put customers first and strive to deliver class-defining solutions every day. I look forward to Rod assuming the Chairman and CEO roles and will fully support his leadership to position BioLife for continued success.”
Push-out Score for Mike Rice’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Mike Rice was pushed out or felt pressure to leave his position.
exechange reached out to BioLife and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2023 ($).