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Ex-CEO Cumming is back in Hologic’s corner office as Cascella steps down

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Ex-CEO Cummings is back in Hologic's corner office as Cascella steps down

Hologic (NSDQ:HOLX) said today that former CEO Jack Cumming will occupy the corner office once again, after Robert Cascella steps down for "personal reasons," effective immediately.

Hologic also released preliminary fiscal 3rd-quarter results, saying it expects to post sales of roughly $626 million and adjusted earnings per share of 38¢, in lie with prior guidance. Full Q3 results are slated for release August 5.

Cascella is on tap as an advisor through the end of November, according to a press release.

"It has been a privilege to be associated with Hologic and its dedicated worldwide team for nearly 11 years. I am very proud of the leading products and services we have delivered. I believe this company has a great future and is positioned to take advantage of multiple opportunities. I am leaving the company in excellent hands with a strong team that will continue to succeed and build on the important progress we have made," he said in prepared remarks.

"I am enthusiastic about leading Hologic going forward and have full confidence in the near- and long-term potential of the business. Hologic has an extensive portfolio of innovative, market-leading technologies, passionate and highly talented associates, and great potential. I look forward to working closely with the board and leadership team to refine the company’s strategy, enhance performance and position Hologic to capitalize on the many opportunities ahead. I am confident we will continue to maintain our leadership role within the industry by developing cutting edge, state-of-the-art products that address the future needs of our customers and improve the lives of women," Cumming added.

"As CEO, Jack will undertake a full assessment of our businesses, review the progress of our integration efforts, carefully evaluate our capital allocation strategy and capital return policies, and facilitate greater transparency throughout the company," chairman David LaVance Jr. said in a statement. "On behalf of the board and everyone at Hologic, we thank Rob for his committed service and valuable contributions to our company. Under his leadership, the company expanded its footprint in the women’s health industry and leveraged its best-in-class technologies to benefit from the high-growth opportunities in the molecular diagnostics market. We wish him well in his future endeavors."

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