Exact Science and Genomic Health have made public the leadership framework that will be put into place following the closing of Exact's planned acquisition of Genomic Health.
In a letter to employees reprinted in a filing with the US Securities and Exchange Commission yesterday, Exact Sciences Chairman and CEO Kevin Conroy said that the merged companies will be reformed into a four-unit structure with separate teams managing Exact's Cologuard business, Genomic Health's Oncotype DX business, international business efforts, and combined pipeline opportunities.
As part of the filing, the companies also disclosed current executives who will not stay on in the combined organization and are leaving over the coming months. These include Genomic Health Chairman, CEO and President Kim Popovits, Chief Communication Officer Laura Leber, Chief People Officer Kim McEachron, Chief Operating Officer Fred Pla, and Chief Legal Officer and Secretary Jason Radford.
"We want to thank each of them … for their years of hard work and dedication in building Genomic Health, making genomics a critical part of cancer diagnosis and improving the lives of cancer patients. We are incredibly thankful for these leaders' continued support through this transition and wish them well in the future," Conroy wrote in his letter.
Regarding the move to create four separate business units, Conroy argued that this "will best position the combined company for continued success." Transition to the new model should take three to six months following the planned closing of the acquisition this November.
According to the SEC filing, Exact's Mark Stenhouse will serve as General Manager of the Cologuard unit. Brad Cole (currently Genomic Health's CFO) will lead the Oncotype DX unit. Torsten Hoof (Genomic Health's chief international commercial officer) will manage international efforts, and Jake Orville will be general manager of the combined pipeline segment.
Among other details, the filing also stated that Graham Lidgard will continue to serve as Exact's chief scientific officer, and Genomic Health CSO Steve Shak will become chief medical officer for the newly combined company.