San Diego biotech firm QuidelOrtho fires longtime CEO QuidelOrtho’s CEO was terminated Wednesday and he resigned from the board Local biotechnology firm QuidelOrtho ousted its longtime president and CEO, Douglas Bryant, on Wednesday. The decision by the company’s board of directors is “aimed to enhance operational efficiency, drive revenue growth and deliver shareholder value,” according to the announcement. Bryant, who served as chief executive for almost 15 years, also resigned from the company’s board Wednesday. He will receive full severance payments and benefits as outlined in his contract, according to an SEC filing . His dismissal comes a week after the company reported disappointing financial results for the fourth quarter and year end. Quidel’s guidance for 2024 also fell short of investor expectations and its stock price fell 32 percent following its earnings release on Feb. 13. The change in leadership is likely a welcome decision by investors “after what can be described as a messy pandemic unwind,” writes Raymond James analyst Andrew Cooper in a research note. “Bryant’s tenure has not been without noise, but also has seen significant progress both prior to and during the pandemic,” Cooper wrote in the research note. “However, difficulties setting and achieving expectations ultimately makes this move likely one that investors are relieved by.” QuidelOrtho develops and manufactures diagnostic products that help health care professionals evaluate patients for infectious diseases, chronic conditions and in clinical research. Padres fans will also recognize the company logo, which is perched atop the bricks of the Western Metal Supply building. In May 2020, Quidel received the first emergency use authorization from the U.S. Food and Drug Administration for its at-home COVID-19 antigen test. The company’s revenue initially jumped but then later slowed as the pandemic ended and demand for tests dropped. Quidel changed its name to QuidelOrtho in 2022 after the $6 billion acquisition of Ortho Clinical Diagnostics Holdings in an effort to diversify its diagnostics portfolio. The company’s board has started to search for a permanent CEO and said it will postpone its previously announced investor day. QuidelOrtho Chief Commercial Officer Michael Iskra, who has more than 30 years of experience in the diagnostic health care sector, will serve as interim CEO.
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