Dive Brief:
- Henry Schein CEO Stanley Bergman has delayed his retirement after the company failed to find a replacement by his original departure date.
- The company, which sells medical and dental supplies, said late last year that its search for a new CEO is nearing completion and that it expects to appoint its next leader by mid-January.
- Bergman was due to retire at the end of 2025 but agreed to continue as CEO with Henry Schein yet to name his successor.
Dive Insight:
Bergman has worked at Henry Schein for 45 years, more than 35 of which he spent as CEO. Henry Schein’s revenue was $225 million when Bergman took over as CEO in 1989. The company reported sales of $12.7 billion in 2024. Bergman took the company public in 1995 and grew its valuation from $290 million at the time of the initial public offering to almost $9 billion today.
Philip Laskawy, lead director for Henry Schein, said in a statement that the company’s board is pleased with the progress of the CEO search. The level of interest and caliber of talent have been “exceptional,” Laskawy said, adding that the board has evaluated a pool of highly qualified candidates.
Piper Sandler analyst Jason Bednar asked Bergman about the CEO search at an investor conference in December. Citing conversations with Bergman, Bednar said “it seems very likely a new leader is going to be announced before year-end” and asked if Henry Schein was down to the last few candidates for the job. Bergman declined to give a direct answer, but did comment on the broader process.
“The board has taken this very, very seriously, internal candidates, external candidates,” Bergman said. “I will say that if it’s internal, we’ve got great candidates. Our succession plan has been a good one, I think. And then if it’s external, we have a great management team that is committed to advancing the strategic plan and the business.”
Bergman will step down the day the new CEO starts. The recent extension of Bergman’s employment agreement also allows the Henry Schein veteran to step down 30 days after notifying the company of his decision to end his employment.
