MINNEAPOLIS, Aug. 4, 2022
/PRNewswire/ -- Bio-Teche Corporation (NASDAQ: TECH) today
announced Chuck Kummeth's planned
two-year transition from his position as Bio-Techne's Chief
Executive Officer (CEO) effective June 30,
2024. The Company's Board of Directors has begun its search
for Mr. Kummeth's replacement, evaluating both internal and
external candidates to assume the CEO position upon Kummeth's
retirement at the end of its fiscal 2024. It is anticipated that
Mr. Kummeth will continue to serve on Bio-Techne's Board of
Directors upon his retirement.
Mr. Kummeth has served as Chief Executive Officer and as a
member of the Company's Board of Directors since April 2013. Under Mr. Kummeth's leadership, the
Company delivered on key strategic initiatives to accelerate its
organic growth rate, expand its total addressable market and
fortify its position as a leader in the life science tools and
diagnostics markets. During Kummeth's tenure as CEO, Bio-Techne
grew its revenue from approximately $311
million in fiscal 2013 to $1.1
billion in fiscal 2022, representing a compounded annual
growth rate (CAGR) of over 15%. Additionally, the Company grew from
approximately 800 to over 3,000 employees, expanded its product
portfolio and total addressable market through the completion of 17
acquisitions, established a best-in-class executive leadership
team, and implemented processes and procedures to drive future
growth.
"During the last nine years, Chuck has done an extraordinary job
accelerating growth, building a strong leadership team and
positioning Bio-Techne for the future," said Robert Baumgartner, Bio-Techne's Chairman of the
Board of Directors. "Throughout his tenure as CEO, Chuck and the
Board have been focused on building management bench strength.
Chuck has successfully built an extremely strong leadership team,
including a deep bench of experienced and results-driven
executives. Additionally, the Company's enviable position as a
rapidly growing, leading life science tools and diagnostics company
positions Bio-Techne to attract top-caliber external candidates.
With Chuck at the helm for the next two years, we have time for a
thorough evaluation of potential candidates and a seamless
transition to his eventual successor."
"I am looking forward to continuing to lead the Company and
execute our strategic plan over the next two years. As a Board
member, I will play an instrumental role in choosing my successor,"
commented Chuck Kummeth, President
and Chief Executive Officer of Bio-Techne. "I am extremely proud of
the Company and team we have built over the last nine years.
Bio-Techne is in an ideal position to find the leader to drive the
business forward starting in fiscal 2025."
Forward Looking Statements:
Our press releases may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act. Such
statements involve risks and uncertainties that may affect the
actual results of operations. Forward looking statements in this
press release include statements regarding the planned CEO
transition on June 30, 2024. The
following important factors, among others, have affected and, in
the future, could affect the Company's actual results: the effect
of new branding and marketing initiatives, the integration of new
businesses and leadership, the introduction and acceptance of new
products, the funding and focus of the types of research by the
Company's customers, the impact of the growing number of producers
of biotechnology research products and related price competition,
general economic conditions, customer site closures or supply chain
issues resulting from the COVID-19 pandemic, the impact of currency
exchange rate fluctuations, and the costs and results of research
and product development efforts of the Company and of companies in
which the Company has invested or with which it has formed
strategic relationships.
For additional information concerning such factors, see the
section titled "Risk Factors" in the Company's annual report on
Form 10-K and quarterly reports on Form 10-Q as filed with the
Securities and Exchange Commission. We undertake no obligation to
update or revise any forward-looking statements we make in our
press releases due to new information or future events. Investors
are cautioned not to place undue emphasis on these statements.
About Bio-Techne Corporation (NASDAQ: TECH)
Contact: David Clair, Vice
President, Investor Relations
david.clair@bio-techne.com
612-656-4416
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SOURCE Bio-Techne Corporation