Stephen MacMillan is returning to the medical device industry as president and CEO of Hologic, Inc. The company announced the appointment on December 9, 2013. The company also announced the appointment of two Icahn Capital managing directors to the company board of directors.
Mac Is Back
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Needham & Company analyst Mike Matson said MacMillan was well-regarded during his seven years as head of Stryker Corporation. MacMillan left Stryker abruptly in 2012 after a disagreement with his board over a relationship with another Stryker employee.
Matson noted MacMillan’s track record of execution and managing expectations, as well as his experience in each of Hologic’s markets and experience with both surgical products and capital equipment from his time at Stryker and experience with diagnostics from his time at Pharmacia. He has nearly 25 years of healthcare experience, most recently as CEO of Stryker from January 2005 to February 2012 and President of Stryker from June of 2003 to February of 2012. Prior to Stryker, MacMillan worked at Pharmacia, Johnson & Johnson, and Procter & Gamble.
MacMillan replaces Jack Cumming who returned as CEO in July 2013 after serving as Hologic’s CEO from 2001 to 2009.
The company bills itself as a “leading developer, manufacturer and supplier of premium diagnostic products, medical imaging systems and surgical products, with an emphasis on serving the healthcare needs of women.”
David LaVance, Jr., the company’s chairman said it was clear that MacMillan was the “right leader” to take the company forward. The company has not performed to expectations and is in need of a turnaround. For the last reported quarter, the company reported $622.1 million in revenue with a net loss of $1.1 billion.
LaVance said MacMillan nearly tripled Stryker’s revenue and outperformed the stock prices of the S&P 500 index. “Hologic has made progress in reviewing the strategy, leadership and cost structure of each of its businesses, and the Board is confident that under Steve’s leadership the company can leverage its strong product platforms to drive value for shareholders and other key stakeholders.”
MacMillan currently serves on the board of directors of Alere Inc. He has previously served on the boards of directors of Texas Instruments, the Greater Kalamazoo United Way and AdvaMed, and was a member of the Institute of Medicine’s Roundtable on Value & Science-Driven Health Care. In 2010, Mr. MacMillan was also appointed by the U.S. Commerce Secretary to a two-year term on the U.S. Manufacturing Council, a group which advised the administration on ideas to create more U.S. manufacturing jobs.
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This is a fascinating development. In my practice we've seen similar outcomes with the revised protocol. The key differentiator seems to be patient selection criteria. Has anyone else noticed the correlation with BMI thresholds?
Great point. I'd push back slightly on the conclusion, the sample size in the cited study is too small to draw population-level inferences. That said, the directional signal is compelling and worth a larger RCT.
We implemented a similar approach last year. Early results are promising but we're still gathering 12-month follow-up data. Happy to share our protocol if anyone is interested.
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