Marlborough Firm Replaces CEO, CFO
Cancer screening technology firm EXACT Sciences Corp. has ditched its CEO and CFO in favor of two executives that oversaw Madison, Wis.-based Third Wave Technologies' $582 million acquisition by Bedford-based Hologic last year.
In a statement, the company said current President and CEO Jeffrey R. Luber and current CFO Charles R. Carelli Jr. "have agreed to resign their current positions on April 2." The two men will stay on for a transition period and will receive severance packages.
They are being replaced by Kevin T. Conroy and Maneesh K. Arora. Conroy, a former Chicago intellectual property litigator, will be president and CEO of EXACT. Arora, a former financial analyst and corporate strategist, will be senior vice president and CFO.
The two men helmed Third Wave, which like EXACT is a molecular diagnostics firm, into a $582 million takeover by Hologic, a developer and manufacturer of digital mammography and bone density testing equipment, last July. At the time, each had been with Third Wave for less than three years.
EXACT said, "Successful management of both clinical and regulatory programs is exactly what EXACT needs at this stage in the company's development."
Two weeks ago, the Nasdaq stock market notified the consistent money-loser that it had fallen out of compliance with market rules that require companies to maintain a market value of $35 million, equity of $2.5 million or net income from continuing operations of $500,000 for the most recently completed fiscal year.
If the company doesn't regain compliance by June 4, it faces delisting.
Conroy and Aroro "have a proven track record of creating outstanding customer and shareholder value by setting clear corporate priorities and delivering on them," said Patrick Zenner, chairman of Marlborough-based EXACT's board.
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