Safeguard Scientifics gets a new CEO
Wayne, Pa.-based lifescience holdings company Safeguard Scientifics promoted its senior VP and CFO Stephen Zarrilli to CEO, effective on November 1. Zarrilli succeeds Peter Boni, who deployed approximately $315 million into 2-dozen high growth situations during his tenure in the corner office.
Boni held the CEO position at Safeguard for more than 7 years, during which time 3 of Safeguard’s partner companies completed initial public offerings and large-cap strategic buyers, including Oracle Corp. (NSDQ:ORCL), Eli Lilly (NYSE:LLY), Shire (NSDQ:SHPGY), McKesson (NYSE:MCK) and GE Healthcare (NYSE:GE) acquired others. The exits generated approximately $643 million, according to a press release.
Zarrilli joined Safeguard as its CFO in 2006, prior to which, he was CFO & CEO of US Interactive and CEO of Concellera Software.
“This transition comes at a time when Safeguard has never been stronger, strategically or financially,” chairman Andrew Lietz said in prepared remarks. “Peter took the Safeguard reins in August 2005, revitalized and refocused the company post-Internet bubble, and delivered above-average returns even during the current period of prolonged and unprecedented economic uncertainty. Steve Zarrilli is a strong and capable executive who worked closely with Peter to improve Safeguard’s financial strength and flexibility, and to set the stage for continued growth and platform expansion.”
Lietz said Boni will provide transitional support to Mr. Zarrilli as CEO emeritus from November 2012 until May 2013 and remain as a senior advisor to Safeguard.
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