Petrovic will step down from her position effective June 1, 2022, but will continue to serve on the company’s board. She will also serve as an advisor to the company through May 2023 to support the leadership transition to Jim Hollingshead, who will succeed Petrovic effective June 1.
Hollingshead has served as an independent member of Insulet’s board of directors since 2019 and currently serves as president of sleep and respiratory care at ResMed.
“It has been an honor to serve as Insulet’s CEO and to have been part of this remarkable team for more than seven years. After careful consideration over some time, I have made the very difficult decision to reduce my professional obligations in light of family medical issues and other circumstances that have been impacting those I care about,” Petrovic said in a news release. “I am extremely proud of what we have accomplished in my time as CEO. We have made significant strides to improve the lives of people with diabetes, while enhancing Insulet’s ability to innovate and operate with excellence. Insulet is well positioned for the full U.S. commercial launch of Omnipod 5, and poised for continued growth and impact for shareholders and the diabetes community.
“I remain deeply committed to Insulet and the company’s long-term success and I look forward to continuing as a director on the Insulet board and as an advisor to Jim and the management team.”
Petrovic has served as president and CEO at Insulet since January 2019 and has been a member of the company’s board since September 2018, having initially joined Insulet in 2015.
She added in the release that she is “delighted” that Hollingshead is the person to succeed her “at this important time” and said the company is poised for more growth and even greater success.
“I am very excited to have the opportunity to take on the role of CEO for Insulet next month, and I am grateful for the support of Shacey and the Board in entrusting me to lead Insulet’s next chapter,” Hollingshead said. “Shacey and I have built a terrific working relationship over the last three years, and I’m very pleased that she has agreed to stay on our board, and that she will continue to advise me and the management team during our transition.”
Insulet Board Chair Timothy Scannell added that Petrovic has “elevated Insulet” while fostering “a winning culture” at the automated insulin delivery technology company.
“Shacey has elevated Insulet and fostered a winning culture with her unique vision and commitment to excellence, and thousands of Podders and their families are living happier, healthier lives as a result. On behalf of the board, I extend my sincere and deep gratitude for all that she and the team have achieved in her time as CEO, which is nothing short of remarkable, and we look forward to continuing to benefit from her insight and expertise through her continued service to our Board and in her advisory role.
“The board and I are pleased to have someone of Jim’s caliber to take the reins at this important and exciting time. Jim knows our company, our culture, and our executive leadership team exceptionally well, which will immediately serve Insulet well and ensure a smooth transition.”
The announcement came on the same day that Insulet announced its first-quarter financial results, in which the company topped Wall Street projections as it’s Omnipod 5 rollout “progresses well.”
Despite the announcement of Petrovic’s departure, Wall Street’s outlook for the company remains positive, according to BTIG analyst Marie Thibault.
“Beyond Q1 results, we were surprised and sorry to hear that CEO Shacey Petrovic is stepping down due to medical and family reasons,” Thibault wrote in a report. “We believe Petrovic was well-respected, having led a period of strong growth and business transformation at PODD. Overall, we believe this was a robust Q1 report against a tough macroeconomic backdrop. While some may nitpick at operating margin or the measured pace of the U.S. Omnipod 5 introduction, our bullish long-term outlook remains intact.”
Petrovic was scheduled to sit for a keynote interview DeviceTalks Boston on May 11. Instead, Eric Benjamin, newly promoted EVP of innovation and strategy, will talk about the future of Omnipod 5, including a continued push into making the device available for people with type 2 diabetes.
