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Illumina Expands Team With Appointment of Sam Samad as SVP/CFO

Local science technology giant Illumina Inc. has announced the expansion of its senior leadership team with the appointment of Sam A. Samad.

Samad is coming on board as the company’s senior vice president and chief financial officer, taking the title off Marc Stapley’s plate, who’s served as Illumina’s CFO since 2012. Stapley will continue serving in his other two roles at Illumina, executive vice president and chief administrative officer.

“I look forward to welcoming Sam to Illumina’s executive team,” Stapley said in a statement. “Sam’s global experience in leading large finance organizations at major corporations, coupled with his health care experience in sales and general management, has prepared him well to help us accomplish our mission. Personally, I look forward to welcoming Sam to my team and handing over the CFO reins to him.”

Samad joins Illumina from Cardinal Health, where he served in senior leadership responsible for Cardinal Health’s China business. Samad also served as senior vice president and chief financial officer for the pharmaceutical arm of Cardinal Health, and vice president of health care supply chain services. He also held finance roles at Eli Lilly and PepsiCo Inc.

Samad will be responsible for the company’s finance, accounting, investor relations, internal audit, and treasury functions. He will likely have his hands full, considering Illumina has had a relatively rocky year in 2016.

For the past three financial quarters, the company has missed Wall Street expectations of one kind of another, including an April revenue warning that sent shares tumbling 20 percent.

“The string of bad headlines suggests Illumina’s core business may be slowing as growth opportunities for its machines take their sweet time arriving,” wrote Bloomberg biotech columnist Max Nisen. “If a long-awaited expansion into new markets doesn’t materialize soon, then Illumina will face a lot more pain and may have more trouble fighting off potential acquirers.”

Nisen is referring to the rumor that sprang up in mid-August concerning a potential bid from life science giant Thermo Fisher Scientific to buy Illumina for a $30 billion all-stock offer. The speculation has yet to be confirmed, and many experts believed it to be bogus.

Thermo Fisher is one of Illumina’s very few competitors in the gene-sequencing space, a technology that’s revolutionized the study of biology and the discovery of new medicines.

Thermo Fisher already acquired a locally based gene-sequencing firm — Life Technologies — in 2014 for $13.6 billion.

CEO Francis deSouza took the reins from Illumina’s longtime CEO Jay Flatley in July.

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