Danaher Announces CEO Transition

Danaher Corporation announced that executive vice president, Rainer M. Blair, will succeed Thomas P. Joyce Jr. as president and CEO and as a member of the company’s Board of Directors, upon Joyce’s retirement from these positions on September 1, 2020. Joyce will continue as a senior advisor at Danaher through February 28, 2021. 
 
Steven M. Rales, Chairman of the Danaher Board of Directors, stated, “This announced transition comes at a time when Danaher has never been stronger or better positioned to compete given our attractive portfolio of businesses, seasoned leadership team, and Danaher Business System culture. The selection of Rainer to succeed Tom reflects the culmination of our ongoing succession planning process. Rainer has a demonstrated track record of respected leadership and success over the past decade at Danaher and is the ideal candidate to lead the company going forward.”
 
Rales continued, “Tom’s leadership during the last six years as CEO has been extraordinary. During his tenure, Danaher delivered shareholder returns three times that of the S&P500 Index. He has been instrumental in significantly enhancing the portfolio, overseeing the strategic acquisitions of Pall, Cepheid, IDT, and most recently Cytiva, while also leading the creation of Fortive and Envista as stand-alone, publicly traded companies. In addition, Tom has played a central role in leading new initiatives focused on our associates, including articulating our Shared Purpose, Helping Realize Life’s Potential, and elevating the strategic importance of associate engagement, diversity and inclusion, and sustainability for our company.”
 
Joyce began his career at Danaher in 1989 and has been president and CEO since September 2014. He said, “It has been a privilege to spend the majority of my career at Danaher, including the last six years as President and CEO. Rainer and I have worked together for more than a decade and he is the right person to lead us into the future. He is a highly respected leader within Danaher, with a wealth of experience and knowledge about our businesses and customers. He also shares my passion for the Danaher Business System, our culture, and our core values.”
 
Joyce continued, “Under Rainer’s leadership, our Life Sciences platform annual revenues have increased from $2.4 billion in 2015 to approximately $10 billion today. He has also enhanced the platform’s growth and margin profile while helping lead the diligence and integration of a number of acquisitions, including Sciex, Pall, IDT, Phenomenex, and Cytiva. With the support of our senior leadership team and Board, I am confident that Rainer is well-prepared to execute our strategic priorities and create significant long-term value for shareholders.”
 
Blair joined Danaher in 2010 as President of North America & Europe for Videojet and was promoted to President of SCIEX in 2011. In 2014, Blair was promoted to Group Executive and in 2017 Executive Vice President, with overall responsibility for Danaher’s Life Sciences platform.
 
“I am deeply honored and humbled that the Board has selected me to succeed Tom as Danaher’s President and CEO,” said Blair. “Throughout Danaher’s history we have focused on exceeding the expectations of our shareholders, customers and associates globally. I will work tirelessly to build on this strong foundation, and our stakeholders should expect continuity and consistency going forward. I believe that through the combination of our strong portfolio, experienced management team, and the power of the Danaher Business System we have a bright future ahead.”