Harvard Bioscience replaces CEO Duchemin with chairman
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston life science equipment manufacturer Harvard Bioscience has replaced President and CEO Jeffrey Duchemin with four-year director James Green.
The company announced Green’s appointment to the post Monday. He has been on the board of directors since April 2015 and chairman since June 2017.
The reasons for Duchemin’s departure were unclear, but the company in a U.S. Securities and Exchange Commission filing said Duchemin resigned from all positions in the company, including director, and agreed to a separation and release document.
The Harvard Bioscience job was Duchemin’s first in leading a company. He previously worked as global business director, vice president of sales, director of sales and manager of several life science firms.
Duchemin’s departure follows what has so far been a down year for the company. Despite a 5% revenue increase to $28.2 million in the first quarter, the company lost $2.4 million, according to the company’s first quarter financial report in May.
In the same report, Harvard Bioscience reduced its full-year guidance from a previous range of $124 million to $126.5 million to $119 million to $122 million.
On a diluted earnings per share basis, that’s a drop from a $0.21 to $0.23 range to a range of $0 to $0.02.
The company’s stock has fallen mightily from a year ago, when it was well above $5 for six out of seven months from March to September.
On Monday, the stock opened trading on the Nasdaq at just $1.75, a 9% decrease from Friday.
Replacing Duchemin is Green, who previously served as president and CEO of Peabody-based medical imaging device firm Analogic Corp. from 2007 to 2016. He will continue to serve as chairman of Harvard Biosciences’ board.
“Jim Green is the ideal CEO for Harvard Bioscience,” said Bertrand Loy, a director since 2014 who now becomes lead independent director. “He is a trusted leader with a well-established track record of executing successful turnarounds and creating shareholder value.”
Duchemin’s departure comes two months after Chief Financial Officer Kamalam Unninayar announced her resignation effective May 31. A successor has not yet been named.
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