Cooper Companies CEO White steps down (updated)
UPDATE 1-Cooper Companies CEO White steps down Adds analyst comment in bullets 3-5
By Siddhi Mahatole
Oct 27 (Reuters) - Cooper Companies COO.O said on Tuesday CEO Al White had stepped down, effective immediately, and board member Walt Rosebrough was elected executive chair as the medical device maker begins its search for a new CEO.
Rosebrough, an independent director who joined the board in January, is the former CEO of STERIS STE.N and will oversee day-to-day operations at Cooper until a permanent CEO is appointed
Rosebrough said recent performance "has not met our expectations" and warranted decisive action by the board
The leadership overhaul was not a surprise given the involvement of activist investors Jana and Browning West, and could mark an early step toward improving shareholder value, J.P. Morgan analyst Robbie Marcus said
Cooper's review of strategic options for its women's health business did not result in a sale, contributing to pressure on management, Marcus said
A new management team does not guarantee better returns, but the changes could help restore investor trust, he added
White, who is also leaving the board, will remain with the company as a strategic adviser through April 2027
Additionally, Shlomi Nachman, a former Johnson & Johnson JNJ.N executive with experience in medical devices and vision care, will join the board as an independent director, from December 8, Cooper said
Three current board members, Barbara Carbone, Colleen Jay and Robert Weiss, will not stand for re-election at the company's 2027 annual shareholder meeting, it added
The company reaffirmed its fiscal 2026 forecast issued on September 9, including annual adjusted earnings of $4.51 to $4.55 per share
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Shreya Biswas and Diti Pujara)
((siddhi.mahatole@thomsonreuters.com;))