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Business Observer Wednesday, May 18, 2022 1 month ago

$480 million Fort Myers biotech firm names interim CEO

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The appointment comes less than two months after the previous CEO’s resignation.

NeoGenomics, a cancer-focused genetic testing services and oncology contract research firm, has named Lynn Tetrault, the current executive chair and principal executive officer, as board chair and interim CEO.

The move comes some six weeks after Mark Mallon, who had been CEO for just over a year, resigned in the wake of an underperforming earnings report. Tetrault was named executive chair after Mallon’s March 28 departure. She was also appointed to oversee the interim office of the CEO, according to a statement, “to provide seamless leadership continuity and operational management of the company while the board conducts a search for the company's permanent CEO.”

Read more: Biotech firm NeoGenomics woos California exec to become president and chief commercial officer

"Lynn's leadership has been exceptional during this difficult period, and we have complete confidence in her as interim CEO of the company until we find the ideal candidate for the job,” says Michael Kelly, lead independent director, in the statement. “With Lynn serving as interim CEO, we can streamline the management structure as we continue to execute our operational plans and create long-term value for all our shareholders. The external search for a new CEO is advancing well and is on track with our expectations.”

A board member since June 2015, Tetrault served as lead independent director from 2020 to 2021 and was appointed non-executive chair in October 2021. Previously, Tetrault served in a variety of executive roles at AstraZeneca PLC from 1993 to 2014, including Executive Vice President of Human Resources and Corporate Affairs from 2007 to 2014.

“We're privileged to have a deep and experienced team at NeoGenomics. Over the past several months I have been able to work more closely with the team, and I am impressed with their capability, commitment and the strong culture at the Company," Tetrault says in the statement. "Our management team has worked tirelessly in this early transition phase, and I cannot thank them enough for their efforts.”

A publicly traded firm, NeoGenomics specializes in cancer genetics testing and information services, providing comprehensive oncology-focused testing menus in worldwide for physicians to help them diagnose and treat cancer. The company's Pharma Services Division serves pharmaceutical clients in clinical trials and drug development.

NeoGenomics has offices in Fort Myers; Tampa; Research Triangle Park, North Carolina; Houston; Atlanta; Nashville, Tennessee; Phoenix; and Aliso Viejo, Carlsbad and San Diego, California. It also has locations in Cambridge, England; Rolle, Switzerland; and Singapore. It posted $483.21 million in revenue.

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