Dentsply Sirona (Nasdaq: XRAY) announced today that it has terminated Don Casey, who has held the corner office at the dental products and technologies company since 2018.
XRAY shares were down more than 13% to $42.20 apiece by today’s close of trading.
Board member John Groetelaars, who was CEO of Hillrom until its acquisition by Baxter late last year, will serve as interim CEO.
Barbara Bodem, the CFO at Hillrom under Groetelaars, is joining as Dentsply Sirona’s interim CFO effective April 25. The previous CFO Jorge Gomez was already in the process of leaving to assume a similar role at Moderna.
The company in its announcement did not include a reason for the termination. Though, it also included anticipated Q1 financial results of adjusted EPS in the range of 48–52¢, with sales expected to decline 1.4% year-over-year to roughly $965 million. The Street had expected better: EPS of 67¢ on sales of $1.02 billion.
Non-executive board chair Eric Brandt still said some positive word’s about Casey: “On behalf of the board, I would like to thank Don for his many contributions to our company. Don has played a key role in strengthening our foundation and advancing our mission to create innovative solutions for healthy smiles. We wish him all the best in his future endeavors.”
Groetelaars said in the news release that the company’s board wants a renewed focus on execution to stabilize the business and deliver strong performance despite challenges in the wider world. “This will be my focus from day one, and I am prepared to leverage my prior executive leadership experience as I work with the rest of the board and management team to drive the company’s strategy and advance its vision to transform dentistry and improve oral health globally.”
