Insulet (NSDQ:PODD) announced this week that president & COO Shacey Petrovic will succeed CEO Patrick Sullivan after he retires at the end of the year. Petrovic plans to stay on as president of the Billerica, Mass.-based company.
Sullivan will retire from Insulet’s board effective Jan. 1, 2019 and will hold a consulting role with the company through the end of 2019. Board-member Timothy Scannell will become chairman effective Jan. 1, 2019.
Petrovic first joined Insulet in Feb. 2015, serving as the company’s chief commercial officer. Since then, she has moved on to work as its president & COO, leading the company’s day-to-day operations.
Sullivan joined Insulet in 2014, with an established history in the medical device industry. From 1994 to 2007, he was chairman, president & CEO of Cytyc, which was later acquired by Hologic. There, he served as executive chairman of the women’s health company. He also serves as a director on the board of PerkinElmer.
“It has been a great privilege to lead Insulet over the past four years, and I am proud of what we have accomplished and how well-positioned Insulet is for continued success,” Sullivan said in prepared remarks. “We have achieved a great deal and the company is on a very positive growth trajectory. We have deliberately and thoughtfully planned for this succession and I am confident it’s the right time to transition the company to its next generation of leadership. Shacey has made a tremendous impact since joining Insulet and her insights and experience will be instrumental to take the company forward as a global leader in diabetes.”
“Pat has done an outstanding job establishing Insulet’s leadership within the industry and positioning the company for continued growth. I have learned a tremendous amount from his mentorship and I appreciate his strong example of dedication, discipline and strategic vision. This is a time of incredible opportunity for Insulet, and I am focused on building on our significant momentum to drive growth and continued value creation. It will be a privilege to lead this company, and I look forward to working with the entire Insulet team to achieve our strategic and financial objectives while furthering our mission to improve the lives of people with diabetes,” Petrovic added.
Analysts were pleased with the announcement. Danielle Antalffy, Rebecca Wang and Dylan Gantley of Leerink wrote that the transition “indicates that PODD fundamentals are stronger than ever and will now be in the hands of Petrovic – someone who’s proven to be very capable at managing the business.”