Joyce Becomes Danaher President and CEO
The transition was originally scheduled to take place in March 2015. Mr. Joyce has been with the company since 1989. For the first six months of the year, Danaher revenues grew 4.8% to $9,626 million. Recently, Danaher has faced pressure from some investors and analysts to deploy its cash for larger acquisitions, according to a June article in Businessweek. This month, the company announced an agreement to acquire Nobel Biocare, a provider of dental implants, for $2.1 billion in cash.
Washington, DC 9/2/14—Danaher has implemented its succession plan (see IBO 4/30/14) ahead of schedule, appointing Thomas P. Joyce, Jr. as president and CEO, effective September 9. “The transition has proceeded quite well since April, and the Board has concluded that Tom is now ready to be Chief Executive Officer,” commented Steven M. Rales, chairman of Danaher’s Board. H. Lawrence Culp, Jr., Mr. Joyce’s predecessor, has transitioned to a senior advisory role, which he will hold until March 1, 2016.