- After about three years in the position
- Thanks and good wishes for Seeto
- Responsibilities redistributed
- Search for a successor
- Seeto said 72 words
(exechange) — Brisbane, California, November 1, 2023 — Reg Seeto, chief executive of CareDx, leaves his position. As announced by CareDx Inc. in a news release and in a regulatory filing published on Wednesday, November 1, 2023, Reginald (Reg) Seeto leaves his post as chief executive officer at the precision medicine products company, after about three years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
CareDx will undertake a search for a successor.
Following Reg Seeto’s departure, the position of Chief Executive Officer will not be filled for the time being. Reg Seeto’s responsibilities are being redistributed.
No reason given
In the announcement, CareDx did not explicitly explain the reason for the move.
Precise information regarding Reg Seeto’s future plans was not immediately available.
CareDx said: “Reginald Seeto will be stepping down from his position as Chief Executive Officer and President and resigning as a Director of the Board effective November 1, 2023, and will transition to the role of Senior Advisor to the Chairperson.”
CareDx further said: “On October 30, 2023, Reginald Seeto, MBBS, the President and Chief Executive Officer of CareDx, Inc. (the “Company”), resigned from the Company. His last day of employment will be November 1, 2023 (the “Effective Date”), and effective November 2, 2023, he will transition to the role of Senior Advisor to the Chairperson (the “Chairperson”) of the Board of Directors of the Company (the “Board”).”
“Not related to any matter”
CareDx stated, regarding the change: “Dr. Seeto’s departure is not related to any matter regarding the Company’s financial condition, reported financial results, internal controls or disclosure controls and procedures.”
Share price decline since November 2020
The announcement follows a decline in CareDx Inc.’s share price of 89% since November 2020. November 2020 is the month in which Seeto’s tenure as CEO began.
In the position of CEO since 2020
Reg Seeto became CEO of the Company in 2020.
His bio reads as follows:
- President & CEO, CareDx (2020 – Present)
- Chief Business Officer, CareDx (2018 – 2020)
- Chief Operating Officer and Consultant, Ardelyx (2016 – 2018)
- VP & Head of Partnering & Strategy, AstraZeneca (Nasdaq: AZN) (2013 – 2016)
- Marketing Company President (Thailand), AstraZeneca (2011 – 2013)
- EVP Corporate Development & Strategy, MedImmune (subsidiary of AstraZeneca) (2008 – 2011)
- VP Global Marketing (Fertility, Oncology, Immunology, Vaccines), Organon (2006 – 2008)
- Executive Director (Marketing), Boehringer Ingelheim Pharmaceuticals (2003 – 2006)
- Engagement Manager, McKinsey & Company (1999 – 2003)
- Practicing Medical Doctor & Clinical Researcher (1996 – 2000)
- Director, Definiens (2014 – 2016)
- Current Organizations
- Board Advisor, Fischell Department of Bioengineering, University of Maryland
- Previous Organizations
- Board Member, Shady Grove Adventist Hospital Governance Board
- Board Member, Biohealth Innovation
- Board Member, Virginia Bio
- MBBS (Medical Studies), University of Sydney, Australia
- S., University of Sydney, Australia.
72 words by Reg Seeto
In the release announcing his departure as CEO of CareDx Inc., Reg Seeto received thanks and good wishes.
In announcing his departure, Reg Seeto said 72 words.
“Look forward to my next exciting chapters in the healthcare world”
Reg Seeto stated: “I will be transitioning from my role as Chief Executive Officer and President on November 1 and look forward to my next exciting chapters in the healthcare world. I believe strongly in CareDx’s patient-centric mission, and I am extremely proud of what we have accomplished together. I wish the team well and look forward to continuing to support the Company’s important work in my new role as Senior Advisor to the Chairperson.”
Push-out Score for Reg Seeto’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Reg Seeto was pushed out or felt pressure to leave his position.
exechange reached out to CareDx and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2023 ($).