Dive Brief:
- Albert White is stepping down as president and CEO of Cooper Companies effective immediately, the company said Tuesday.
- Walter Rosebrough Jr. will assume direct oversight of day-to-day operations until a permanent CEO is appointed. Cooper has elected Rosebrough, an independent director on its board, as executive chair.
- The changes come weeks after an activist investor called for the contact lens and fertility company to immediately start an external search for a new CEO and appoint a new board chair.
Dive Insight:
Cooper reduced its full-year earnings and revenue forecasts in September. The next week, Jana Partners called for the company to consider selling its fertility and medical device assets and engage with buyers for its CooperVision unit. The activist investor pushed for leadership changes and revised compensation metrics to improve accountability.
Weeks later, Cooper has implemented some of the changes requested by Jana. White has stepped down after eight years as CEO of Cooper and 20 years at the company. Cooper will employ White as a strategic adviser through April 1.
The changes reflect the board’s belief that “decisive action is needed to ensure the company reaches its long-term potential,” Rosebrough said in a statement. The move follows a period in which “performance has not met our expectations,” the newly appointed executive chair said.
Cooper is searching for a permanent CEO. Professional search firm Russell Reynolds is supporting the efforts, which are being overseen by a board committee. In the interim, Rosebrough is leading the company. Rosebrough was CEO of Steris, a provider of infection-prevention products, from 2007 to 2021.
The company is changing its board of directors. Shlomo Nachman, a former Johnson & Johnson executive, will join the board as an independent director in December. Three current board members do not plan to stand for reelection at Cooper’s 2027 annual meeting of shareholders. Cooper plans to nominate the remaining six existing members, two of whom joined the board this year, for reelection.
Cooper reaffirmed its full-year guidance. The company expects organic growth of 2% to 3% in its 2026 financial year, driven by 4% to 5% growth at its surgical business. CooperVision sales are forecast to grow 1% to 2%.
