Milford health software company Waters Corp., which has $2 billion in annual revenue, announced Wednesday it is seeking a replacement to CEO Christopher O’Connell.
The company said the agreement for O’Connell to step down from his role both as president and as a board of directors member was mutual. He will remain with Waters as an advisor until the end of the year to support the transition, according to the release.
That search for a new CEO is already underway with the board working with an executive search firm.
O’Connell has been the CEO of Waters since September, 2015. In that time, the company has embarked on a new product cycle, according to the release, with the company’s stock value growing by more than 50%.
However, the company has struggled recently in the wake of the coronavirus pandemic. In the first quarter of the year, the company reported a 10% drop in sales and an operating income decline of $53 million, or 44%, in the three months ending March 28.
“We continue to see the second quarter performing consistent with the framework we provided in April and have great confidence in the strength of the Waters team to carry us forward,” said Flemming Ornskov, chairman of the Waters board, in a statement.
