Insulet (Nasdaq:PODD) announced today that it reshuffled its organizational structure to accelerate innovation and commercialization.
In connection with the reorganization, Bret Christensen, EVP and chief commercial officer, leaves the company today to pursue other opportunities. He agreed to offer consulting services during a transition period.
Jim Hollingshead, Insulet’s president and CEO, said Christensen “played an integral role” in Insulet’s commercial success during his six-year spell with the company. He most recently played his part in the commercial launch of the next-generation Omnipod 5 automated insulin delivery system.
“[Christensen] helped build a deep, talented commercial team that has contributed to our strong customer base growth, an exceptional customer experience, and differentiated business model and pharmacy channel access,” Hollingshead said. “All of us at Insulet wish Bret well in his next endeavor.”
For the remainder of the structural shift, Insulet intends to implement changes in the second half of the year. It includes new leadership roles, made effective on July 1, 2023. The company’s leadership team continues to report to Jim Hollingshead, Insulet’s president and CEO.
“It is an exciting time at Insulet as we continue to advance our mission to improve the lives of people with diabetes,” Hollingshead said. “Our company has achieved remarkable growth, recently accelerated by the U.S. commercial launch of our revolutionary Omnipod 5 automated insulin delivery system, which we will soon launch internationally.
“Now is the ideal time to realign our organizational structure to support our strong momentum, accelerate our robust innovation pipeline, and drive continued global expansion.”
About the structural changes
Hollingshead said the new organizational design creates “a more focused and specialized structure.” Insulet hopes it strengthens its commercial capabilities and fosters innovation and cross-functional collaboration.
As a result of the changes, Eric Benjamin and Mark Field have newly created roles.
Benjamin, who served as EVP of innovation and strategy, now becomes chief product & consumer experience officer (CPXO). His responsibilities include product vision and execution. That includes franchise management, global growth strategies, product and portfolio management and customer experience.
Field, previously the group VP of software engineering, takes over as chief technology officer. His responsibilities include software nd hardware engineering, information technology, cyber security, digital and data services and system architecture. Insulet said Field’s position ensures teh company’s robust software platforms, modules and technology capabilities support its strategy and goals.
Following Christensen’s departure, Insulet separated the CCO role into two leadership positions. Through this maneuver, it hopes to drive more focused regional and local market execution.
Insulet commenced a search for a U.S. GM to focus on U.S. commercial growth, go-to-market strategy and sales operations. The newly created goal also drives enhanced and consistent global commercial capabilities across the enterprise.
Patrick Crannell continues at Insulet as international GM overseeing international commercial operations. His responsibilities mirror those of the U.S. GM position, but for the international markets. Crannell now reports directly to Hollingshead, too.
“Consumer-focused innovation is central to everything we do,” Hollingshead said. “As our business becomes larger and more complex, we have structured our operations and leadership to more efficiently and effectively drive and scale our innovations and support our commercial and operational priorities.
“With the changes announced today, Insulet is better positioned to continue driving customer adoption, international expansion, and enhanced customer experience as we support hundreds of thousands of people with diabetes across the globe.”
Exciting times at Insulet
Since receiving FDA clearance for the Omnipod 5 in February 2022, Insulet can tout a series of milestones.
Within a month of the August 2022 launch for Omnipod 5, Insulet received an expanded FDA indication for the system to include pediatric users with diabetes. All of this occurred in a time of significant change as Hollingshead took over for longtime CEO Shacey Petrovic in May of last year.
Insulet kicked off 2023 with acquisitions aimed at improving its IP portfolio. The company bought insulin pump patents from Bigfoot Biomedical, then acquired assets from insulin delivery technology developer Automated Glucose Control.
Then, in March, S&P Dow Jones Indices announced that Insulet would replace Silicon Valley Bank in the S&P 500 index. That followed the March 10 news that the FDIC took the bank into receivership. This change became effective on Wednesday, March 15, adding Insulet to the index tracking 500 large companies listed on stock exchanges in the U.S.
Last month, the company picked up FDA clearance for the Omnipod GO, a basal-only insulin delivery device. Omnipod GO covers the basal-only insulin population. The target population typically takes daily injections of long-acting insulin. This first-of-its-kind, standalone, wearable insulin delivery system provides a fixed rate of continuous, rapid-acting insulin for 72 hours.
Just yesterday, the company reported positive first-quarter financial results, too. Within its strong quarter was sales growth of 21.2%. Total Omnipod revenue came in at $357.6 million for an increase of 32.7% year over year. Insulet also increased its sales guidance for 2023.