September 11, 2018

Insulet CEO to retire; COO to succeed

Courtesy | Insulet
Insulet CEO Patrick Sullivan (left) and COO Shacey Petrovic.

Patrick Sullivan, the CEO of the insulin device company building a $100 million facility in Acton, will retire at the end of the year.

Insulet Corp. president and chief operating officer, Shacey Petrovic, will succeed Sullivan in 2019. She'll remain in the role as president following the transition.

Timothy Scannell, a board member for the last four years, will become chairman of the Billerica simultaneously.

Sullivan has been CEO for four years, taking over in September 2014. He joined the company after serving as president and CEO of Cytyc Corp. for 14 years until the company was acquired by Marlborough-based Hologic, where he became executive chairman.

Under Sullivan, the company's revenue has grown, increasing from $263.9 million in 2015 to $363.8 million in 2017.

The company is also underway with a $100-million project to build a new manufacturing plant in Acton. The facility is expected to be operational in early 2019.

"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 a press release. "We have achieved a great deal, and the company is on a very positive growth trajectory."

Petrovic has been with the company since early 2015, first as chief commercial officer and before being named president and chief operating officer in October 2016.

In a statement, she said she's learned how to lead the company from Sullivan's leadership.

"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," she said.

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