Bio-Teche Corporation (NASDAQ: TECH) today announced Chuck Kummeth’s planned two-year transition from his position as Bio-Techne’s Chief Executive Officer (CEO) effective June 30, 2024.
The Company’s Board of Directors has begun its search for Mr. Kummeth’s replacement, evaluating both internal and external candidates to assume the CEO position upon Kummeth’s retirement at the end of its fiscal 2024. It is anticipated that Mr. Kummeth will continue to serve on Bio-Techne’s Board of Directors upon his retirement.
Mr. Kummeth has served as Chief Executive Officer and as a member of the Company’s Board of Directors since April 2013. Under Mr. Kummeth’s leadership, the Company delivered on key strategic initiatives to accelerate its organic growth rate, expand its total addressable market and fortify its position as a leader in the life science tools and diagnostics markets.
During Kummeth’s tenure as CEO, Bio-Techne grew its revenue from approximately $311 million in fiscal 2013 to $1.1 billion in fiscal 2022, representing a compounded annual growth rate (CAGR) of over 15%. Additionally, the Company grew from approximately 800 to over 3,000 employees, expanded its product portfolio and total addressable market through the completion of 17 acquisitions, established a best-in-class executive leadership team, and implemented processes and procedures to drive future growth.
“During the last nine years, Chuck has done an extraordinary job accelerating growth, building a strong leadership team and positioning Bio-Techne for the future,” said Robert Baumgartner, Bio-Techne’s Chairman of the Board of Directors. “Throughout his tenure as CEO, Chuck and the Board have been focused on building management bench strength.
Chuck has successfully built an extremely strong leadership team, including a deep bench of experienced and results-driven executives. Additionally, the Company’s enviable position as a rapidly growing, leading life science tools and diagnostics company positions Bio-Techne to attract top-caliber external candidates. With Chuck at the helm for the next two years, we have time for a thorough evaluation of potential candidates and a seamless transition to his eventual successor.”
“I am looking forward to continuing to lead Bio-Teche and execute our strategic plan over the next two years. As a Board member, I will play an instrumental role in choosing my successor,” commented Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. “I am extremely proud of the Company and team we have built over the last nine years. Bio-Techne is in an ideal position to find the leader to drive the business forward starting in fiscal 2025.”