Harvard Bioscience replaces retiring CEO, attempts to regain Nasdaq compliance
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Harvard Bioscience's Holliston headquarters on October Hill Road
Harvard Bioscience has yet another leadership shakeup as the Holliston-based biotech firm’s CEO is set to retire and two new members have been added to its board of directors in an attempt to regain compliance with the Nasdaq stock exchange.
Jim Green will retire from his roles as chairman, president, and CEO of Harvard Bioscience on July 28 after an eight-year tenure with the firm, according to a Thursday press release from the company. His last day as an employee with the company and his resignation from its board will be effective Aug. 15, according to Thursday filing with the U.S. Securities and Exchange Commission.
Green will be replaced by Harvard Bioscience’s board member John Duke, who also serves as CEO of the plastic manufacturing company Plastic Molding Technology out of Colorado. During his incumbency, Duke increased Plastic Molding’s annual revenue growth by 20%.
“I am thrilled to have John as my successor,” Green said in the press release. “During the board search earlier this year, I identified him as my ideal candidate. I am confident in the company’s future with John at the helm and committed to ensuring a smooth transition. I look forward to remaining a significant investor in the business, as I strongly believe in the value and prospects at Harvard Bioscience.”
Duke joined Harvard Bioscience's board in June following the resignation of its director Thomas Loewald.
Before his most recent position at Plastic Molding, Duke worked as executive vice president and chief business officer at Lyten, a California-based advanced materials manufacturer.
He graduated with his bachelor’s degree in materials science and engineering from the University of Utah and his master's degree from Harvard University in Cambridge.
“I am honored to be appointed as the next President & CEO at this important time for Harvard Bioscience,” Duke said in the release. “I am excited to get to work building off the strong base at Harvard Bioscience and will be focused on delivering growth and profitability. I look forward to partnering with Jim on a seamless transition, as well as with the Board, leadership team, and employees as we look ahead to driving long term value in the business.”
Harvard Bioscience’s leadership transition comes shortly after the company fell out of Nasdaq compliance following the June 10 resignation of board member Alan Edrick. Edrick’s departure left the firm with only two members on its audit committee, one member short of the stock exchange’s three-member minimum criteria.
In response, the company has appointed Rob Gagnon and Seth Benson to its board of directors, naming both to Harvard Bioscience’s audit committee with Gagnon set to serve as chair, effective Wednesday, according to the S.E.C. filing.
Gagnon previously worked as Harvard Bioscience's CFO from 2013 to 2018, and Benson serves as CFO of Nuclera, a Cambridge-based biotech company.
“Rob and Seth are great additions to the board of directors. I look forward to working with them, and John in his new role, to create value for Harvard Bioscience’s shareholders. On behalf of the board, I thank Jim for his service and wish him well in retirement,” Katherine Eade, the firm’s lead independent director, said in the release.
Harvard Bioscience’s stock price rose nearly 12% on the Nasdaq, following the Thursday announcement of Duke as CEO and the new board members. The stock was trading at about 45 cents per share, down from $2 per share at the start of the year.
In April, the company announced its CFO and Treasurer Jennifer Cote was set to resign from the role following a three-year tenure. Mark Frost was named her interim successor and continues to serve in the role today.
In 2024, Green was the 14th highest-paid public company CEO in Central Massachusetts, earning $2.3 million in total compensation, including an annual salary of $513,431, according to data compiled by the WBJ Research Department.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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