Shares of NeoGenomics, Inc. ( NEO ) are trading lower after the company announced that CEO Chris Smith will retire effective April 1 2025.

What To Know: Tony Zook, an independent board member since 2023, has been named as the incoming CEO. Zook brings substantial healthcare and leadership experience, having previously served as Executive Vice President of Global Commercial Operations at AstraZeneca (AZ), where he managed a $30 billion global portfolio. He also held the role of President of MedImmune, AstraZeneca's biologics division and chaired AZ's Commercial Investment Board, overseeing strategic investments company-wide.

“Chris has provided exceptional leadership for NeoGenomics ( NEO ), joining the Company at a critical time and exceeding all expectations in transforming NeoGenomics ( NEO ) into a growth business,” said Lynn Tetrault, Chair of the Board of Directors.

Despite the company reaffirming its fiscal 2024 financial guidance and highlighting Smith's successful tenure, which included eight consecutive quarters of double-digit revenue growth and a turnaround in adjusted EBITDA the stock is reacting negatively to the news.

NEO Price Action: NeoGenomics ( NEO ) shares were down 19.4%, trading at $15.00 at the time of writing, according to Benzinga pro.

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