Bio-Techne Corp. has started looking for a new CEO, but it won't be in a hurry to find one.
The manufacturer of biotechnology products announced this week that CEO Charles Kummeth has started a two-year transition plan that will see him leave the top executive role on June 24, 2024, but maintain his position on the company’s board of directors.
Minneapolis-based Bio-Techne's board of directors has begun the search for his replacement both internally and externally.
"I am looking forward to continuing to lead the company and execute our strategic plan over the next two years. As a board member, I will play an instrumental role in choosing my successor," said Kummeth, in a news release.
Under Kummeth’s leadership, which began in 2013, Bio-Techne (Nasdaq: TECH) prioritized rapid growth. The former 3M Co. exec told the Business Journal in 2015 that he wanted to make Bio-Techne a $1 billion business, and after eight years of acquisitions that vision has become reality.
Bio-Techne's annual revenue increased from $311 million in 2013 to $1.1 billion in fiscal year 2022, according to a statement. The company’s workforce also expanded from 800 to 3,000 over that time.
"I am extremely proud of the company and team we have built over the last nine years," Kummeth said in his statement. "Bio-Techne is in an ideal position to find the leader to drive the business forward starting in fiscal 2025."
The company has also invested heavily in the Twin Cities. In 2019, it acquired Minneapolis-based gene editing and engineering firm Bo-MoGen Biotechnologies Inc. and announced it would spend between $40-$50 million building out a protein production facility near the capital in St. Paul.
"During the last nine years, Chuck has done an extraordinary job accelerating growth, building a strong leadership team and positioning Bio-Techne for the future," said Robert Baumgartner, Bio-Techne's board chairman, in a statement.
Bio-Techne placed No. 17 on the Minneapolis/St. Paul Business Journal’s list of Fastest Growing Public Companies in 2022, with a growth rate of 30.4%.
