- After 24 years in the position
- Praise for Doerfler
- Maher Masoud taking over
- Doerfler said 97 words
(exechange) — Rockville, Maryland, December 11, 2023 — Doug Doerfler, chief executive of MaxCyte, leaves his position. As announced by MaxCyte Inc. in a news release and in a regulatory filing published on Monday, December 11, 2023, Doug Doerfler leaves his post as chief executive officer at the specialist in cell engineering technology, after 24 years in the role, effective December 31, 2023.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Doug Doerfler’s duties as CEO will be taken over by Maher Masoud, currently EVP, Head of Global Business Development and Chief Counsel at MaxCyte Inc.
“Succession planning process”
The management change is explained as follows. Richard Douglas, chairman of the Board, stated: “Consistent with the Board’s succession planning process, the Board identified Maher Masoud as a leader with a deep understanding of our technology and the cell and gene therapy industry who can continue to build on MaxCyte’s accomplishments.”
Precise information regarding Doug Doerfler’s future plans was not immediately available.
MaxCyte said: “Maher Masoud has been named President and Chief Executive Officer of MaxCyte, succeeding Doug Doerfler, who will retire as President and Chief Executive Officer, effective January 1, 2024.”
MaxCyte further said: “On December 10, 2023, Doug Doerfler, President and Chief Executive Officer of MaxCyte, Inc. (the “Company”), notified the Company’s Board of Directors (the “Board”) of his decision to retire from those positions and as a member of the Board, in each case effective as of December 31, 2023.”
Share price decline since December 2021
The announcement follows a decline in MaxCyte Inc.’s share price of 52% since December 2021.
In the position of CEO since 1999
Doug Doerfler became CEO of the Company in 1999.
Doerfler will step down from the Board of Directors upon his retirement and will remain an advisor to the Company.
Doug Doerfler has served as the Company’s president and chief executive officer and on the Company’s Board since co-founding the Company in 1999.
Doerfler previously served as president and chief executive officer and as a director of Immunicon Corporation and held executive positions at the life sciences company Life Technologies Corporation (now Thermo Fisher).
Doerfler currently serves as chair emeritus of the Maryland Tech Council and on the executive committee of the Biotechnology Innovation Organization.
Doerfler received his B.S. in finance from the University of Baltimore School of Business.
97 words by Doug Doerfler
In the release announcing his departure as CEO of MaxCyte Inc., Doug Doerfler received praise.
In announcing his departure, Doug Doerfler said 97 words.
“I am confident in the Board’s choice”
Doug Doerfler stated: “It has been a privilege being part of MaxCyte’s exceptionally talented team over the past 24 years as we’ve worked together to develop our proprietary flow electroporation technology, building MaxCyte into the successful company it is today. Maher has been instrumental in key initiatives at MaxCyte, including building out our roster of Strategic Platform Licenses. He has also played a key role across the operating areas of the Company, including sales, marketing, and business development. I am confident in the Board’s choice and Maher’s ability to execute and drive MaxCyte’s continued success in the years to come.”
Push-out Score for Doug Doerfler’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Doug Doerfler was pushed out or felt pressure to leave his position.
exechange reached out to MaxCyte and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2023 ($).