Hologic Gets Its Old CEO Back
Jul 18th 2013 9:02PM
Updated Jul 18th 2013 9:06PM
Bedford, Mass.-based Hologic has a new CEO... who used to be its old CEO.
On Thursday after close of trading, the medical imaging device manufacturer announced that Chief Executive Officer Robert A. Cascella has resigned "for personal reasons." (Perhaps including the fact that he has "personally" been in charge while Hologic stock underperformed the S&P 500 by 21 points over the past year).
Whatever the reason, Cascella is out, and Jack W. Cumming is in. No sooner had Hologic announced its current CEO's resignation than it confirmed it's bringing back Cumming -- CEO of the company from 2001 to 2009 -- to try and right the ship, "effective immediately."
No details on the new CEO's compensation package have been filed with the SEC.
Simultaneously with the management switcheroo, Hologic also pre-announced third-quarter financial results, saying that revenues look likely to approximate $626 million, with pro forma profits coming in at $0.38 per share. The company noted that these numbers are "in-line with the guidance previously provided on May 6, 2013." They also seem to be more or less in line with what analysts have been expecting.
In any case, investors seem pleased with the news. Up 2.5% in Thursday trading during ordinary hours, Hologic shares climbed a further 2.7% in after-hours trading.
The article Hologic Gets Its Old CEO Back originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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