Stephen MacMillan joined a struggling Hologic (NSDQ:HOLX) as CEO in December 2013, and within one day, he had already made his first major move in restructuring the company’s executive leadership team.
MacMillan spoke in a keynote presentation at DeviceTalks Boston yesterday about his entry into the women’s healthcare market with Hologic, how his turn-around of the company included removing executives at the firm and the importance of women’s health and comfort in medtech.
In considering the overall health of a team, MacMillan said that removing the bad players is as important, if not more, than adding positive talent.
During his first 14 months in the corner office, MacMillan said that he removed 24 of the 25 execs that were on board when he joined. The one executive he didn’t remove, Karleen Oberton, was promoted to chief financial officer this August, MacMillan said.
MacMillan said that removing the bad players allowed the overall value of the team to rise. In doing so, he also created a stronger connection between the employee base and the company’s leadership, which he said had been missing when he joined.
The result, in the long run, was a turn from losses to nearly double digit growth, MacMillan said.
Beyond the health of the company, MacMillan is also passionate about the health of women and how medtech firms need to not only consider women’s needs, but their comfort and overall well being.
“If men had to get mammograms every year, they’d be a lot more comfortable,” MacMillan said during his keynote presentation.
MacMillan said that Hologic is making strides towards products not only targeted to the women’s health market, but that are designed to meet their needs and wants while also improving quality and usability.
He added that he hopes that the trend will continue, and that his company will lead the way for women’s health.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
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