- After less than two years on the job
- Thanks and good wishes for Frost
- Mike Bourque taking over
(exechange) — Peabody, Massachusetts, July 13, 2017 — Mark Frost, finance chief of Analogic, leaves. It is an abrupt change. As announced by Analogic Corporation in a news release and in a regulatory filing published on Thursday, July 13, 2017, Mark T. Frost leaves the post as Chief Financial Officer at the healthcare and security technology company in a surprising move after less than two years on the job, effective immediately.
No company wants a CFO to flame out in the first years.
Frost’s move comes eight months after Fred Parks took over as CEO of Analogic Corporation.
Frost’s duties are taken over by Mike Bourque, most recently corporate controller at Analogic Corporation.
“Position Analogic for renewed success”
A reason for the sudden change was not explicitly given. Fred Parks, president and CEO, said: “We are confident in Mike’s financial leadership as we position Analogic for renewed success.”
Precise information about the future plans of Frost was not immediately available.
Analogic said: “On July 10, 2017, Analogic Corporation … informed Mark Frost of its intention to replace Mr. Frost as the Company’s Senior Vice President, Chief Financial Officer and Treasurer. On July 12, 2017, the Company’s Board of Directors removed Mr. Frost from such positions, effective July 13, 2017.”
Share price decline
The change follows a decline in the share price of Analogic Corporation since November 2016.
Chaired by Bernard Bailey
Analogic Corporation is chaired by Bernard Bailey.
CEO: Fred Parks
Fred Parks serves as CEO of Analogic Corporation. Fred B. Parks has been the Chief Executive Officer and President of Analogic Corporation since October 31, 2016.
On the job as CFO since 2015
Mark T. Frost has been the Chief Financial Officer, Senior Vice President and Treasurer of Analogic Corporation since November 30, 2015.
Frost joined Analogic in 2015.
Before then, he was executive vice president and chief financial officer for AngioDynamics, a leading provider of medical, surgical, and diagnostic devices used for vascular access and the treatment of peripheral vascular disease, and for use in oncology and surgical settings.
Prior to that, he served as senior vice president of administration and chief financial officer of Albany Molecular Research Incorporated, a global provider of contract research and manufacturing services to biotech and pharmaceutical companies.
Before joining AMRI in 2004, Frost held various financial roles at Smith+Nephew and General Electric, both domestically and internationally.
Frost received a bachelor of arts degree in international relations/economics from Colgate University.
Read the full story in the exechange report 29.2017 ($).