Radnor life sciences products company Avantor is losing its CEO Michael Stubblefield, writes John George for the Philadelphia Business Journal.
It was announced Friday that Stubblefield is stepping down after serving as CEO since May 2014. He will stay in the role until a successor is found.
He will also be retained until February 2026 to provide “ad hoc input if and as needed to ensure the new CEO settles in quickly.”
Shares of Avantor were trading down almost 20 percent to $12.47 at noon Friday.
“The board and Mr. Stubblefield agreed that now is the right time to initiate a leadership transition,” Avantor said in a statement. No other explanation was given.
Stubblefield headed the company at a time of mergers and acquisitions.
He came to Avantor as a senior expert with the chemicals practice McKinsey & Co.
Avantor Board Chairman Jonathan Peacock, said Stubblefield built Avantor into a “global player in the life sciences tools space.”
The company provided lab materials, chemicals, equipment, and services to pharmaceuticals, biotechnology, and chemical companies, colleges, and research institutions in 180 countries around the world, including Merck, Johnson & Johnson, Thomas Jefferson University, and the University of Pennsylvania.
Read more about Avantor’s change in leadership in the Philadelphia Business Journal.
