By Board of Directors Acts Swiftly
QuidelOrtho’s board of directors made a bold move by dismissing its chief executive following disappointing financial results. Douglas Bryant, who had been serving as president and CEO since 2009, was relieved of his duties effective immediately. In addition to being removed from his executive role, Bryant also resigned from the board of directors.
Postponement of Investor Day
In response to the recent events, QuidelOrtho announced the postponement of its investor day that was previously scheduled. The decision reflects the company’s commitment to addressing its current challenges and focusing on a new path forward.
Financial Setback Leads to Changes
The termination of Bryant came in the wake of the company’s underwhelming fourth-quarter results. QuidelOrtho fell short of expectations on both the top and bottom lines, leading to a significant decline in its stock value. Analysts adjusted their ratings accordingly, with notable downgrades from William Blair and Raymond James.
Office of the Interim CEO
To ensure continuity and effective leadership during this transition period, QuidelOrtho has established an office of the chief executive officer. The team, consisting of Chief Commercial Officer Michael Iskra, Chief Operating Officer Robert Bujarski, and Chief Financial Officer Joseph Busky, will collectively lead the company. Iskra assumes the role of CEO, with Bujarski serving as president on an interim basis.
Amidst these changes, QuidelOrtho remains focused on regaining investor confidence and charting a new course for its future growth.
For inquiries, please contact Karishma Vanjani.
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