Insulet (NSDQ:PODD) said today that longtime CEO Duane DeSisto is stepping down after a 13-year run at the insulin management company.
Former Cytyc chairman, president & CEO Patrick Sullivan was named to succeed DeSisto, according to a press release. Billerica, Mass.-based Insulet makes the OmniPod tubeless insulin management system.
"I am grateful and deeply honored to have had the opportunity to lead Insulet over the past 13 years. While I am very proud of all that the company has achieved, I am most proud in knowing that the OmniPod has given the freedom and simplicity of tubeless pumping to more than 60,000 people living with diabetes. We have passed many important milestones over the years, and I am delighted that we have been able to attract a proven corporate leader of Pat’s ability to lead Insulet through its next phase of growth and development. On a personal note, I would like to thank the talented Insulet team for all that we achieved together and to wish everyone at Insulet the very best for the future."
DeSisto is slated to remain on hand as a consultant through the end of the year to assist with the transition, according to the release.
"On behalf of the entire board of directors and everyone at Insulet, we thank Duane for his enormous contribution to the company. Under his leadership, Insulet has built a strong foundation for continued growth, and the results of Duane’s vision and commitment to this business will continue to be a driver of future success. He has earned the respect of his colleagues at Insulet and across the industry as a whole, and we wish him the very best in his future endeavors," lead director Dan Levangie said in a statement. "Patrick is a respected industry veteran with an exceptional track record of growing organizations, driving corporate development and successfully building product and customer pipelines to create value for shareholders. Pat’s insight and experience will be instrumental as the company continues to build on its solid foundation and strong growth prospects. We are excited to add Pat to the team and look forward to his leadership."
"I am very excited to be joining Insulet and I look forward to working with the Board and outstanding leadership team to further establish the company as a leader in the management of diabetes," Sullivan added. "Insulet has world-class technology that helps a large and growing population of people live their lives without sacrificing freedom. I am confident that Insulet has a valuable opportunity to continue to work with healthcare providers to improve the lives of the millions of people around the world living with diabetes and to create significant value for our shareholders."
Insulet reiterated its revenue guidance, saying it still expects to pull down $73 million to $77 million for the 3rd quarter and $290 million to $300 million for the year. But the company said it would take a charge of $8 million to $10 million during the 3rd quarter and another $3 million charge during the 4th quarter on compensation expense.