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2007 North American Medical Imaging
CEO of the Year Award
Award Recipient: Jack Cumming, CEO, Hologic Inc.
In the words of Teddy Roosevelt, “The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it.” And so it is with Frost and Sullivan’s medical imaging CEO of the year, Jack Cumming of Hologic, Inc. Through a series of strategic mergers and product leadership, Hologic’s senior leadership team has steered Hologic from a company known for bone densitometry systems, to become a giant and a leader in women’s health. Hologic’s growth in a very competitive, highly regulated field has been remarkable. In the last 12 months the company has more than doubled in size and in doing so, Hologic has gained a lot of media attention. Jim Cramer of TV Mad Money fame says Hologic is the "greatest women's health care company on earth" and Fortune magazine ranks Hologic 38th in its 2007 list of Fastest Growing Companies.
Jack Cumming has been CEO since 2001 and Chairman of the board since 2002. But even before he took on the role of CEO, Jack was integrally involved as a strategic advisor to Jay Stein, PhD and David Ellenbogen, the Company founders. David and Jay’s vision was to move the company from a leadership position in bone health to a leadership position in women’s healthcare. Through a series of acquisitions and the development of a number of key technologies internally, Hologic now holds the number one or two positions in nine categories including mammography, computer aided detection, beast biopsy systems, osteoporosis assessment, and cervical cancer screening. This is particularly remarkable considering it is competing in capital equipment markets against the likes of GE, Siemens, Philips and other giants, and in disposables it competes against J&J and the other large pharmaceutical companies.
The merger of Hologic and Cytyc is more than market leadership and bringing to market superior technology - it means having the drive and commitment to deliver world-class products and services. It means having the right team in place; experts driven by an unrelenting passion for what we do. And it means always remembering that we are here to serve the imaging, diagnosis and treatment needs of the radiology community at the highest level possible.
Achieving Outstanding Results Jack, working closely with his senior leadership team - President and COO, Rob Cascella, CTO, Jay Stein PhD, CFO, Glenn Muir, and Sr. VP of business development, Tom Umbel, has harvested the benefits of recent acquisitions in record time. In October 2007 Hologic merged with Cytyc, creating a $10 billion company dedicated to serving the healthcare needs of women. At the time of its merger with Cytyc, Hologic was itself a likely acquisition target, especially in the eyes of the large imaging equipment companies not currently active in Women’s Health. This merger demonstrates the CEO and his teams remarkable proactiveness. Indeed, it allows Hologic to maintain its focus and pursue the cause it is dedicated to, while taking advantage of the flexibility conferred by its medium size, with more nimbleness than large conglomerates, but more resources than a niche company. Cytyc was Hologic’s fifth major acquisition in two years – it followed the acquisition of Suros Surgical, a manufacturer of minimally invasive interventional breast biopsy devices, R2 Technology, a leader in computer-aided detection, AEG Elektrofotografie, ensuring a continual supply of high quality coatings for Hologic’s mammography detectors, and BioLucent and its MammoPad breast cushion business. Mergers and acquisitions tend to be more successful when they come as an instrument to support a pre-determined strategy, not as a strategy itself. The vision that Cumming and his staff have developed and their readiness to roll up their sleeves and act are therefore key to the success of Hologic’s growth strategy. There are perhaps four facets to Hologic’s success. First, it has pursued a niche strategy, focusing on women’s imaging and with the acquisition of Cytyc, women’s health. Second, Hologic it places all its emphasis on providing superior technology. Third, the members of the Hologic leadership team are the masters of product management introducing with regularity new enhancements to platform products – from digital mammography to breast tomosynthesis, from the leading biopsy table to breast biopsy systems and upright breast biopsy solutions, and from high end, all featured systems to value priced systems as competitors enter the market. Finally, Hologic’s timing is propitious. Hologic entered the digital mammography market two years after GE and just when the results of a four year landmark study on the value of digital mammography was published. Digital mammography took off when sales of Hologic’s core bone densitometry products were under pressure due to significant cuts in reimbursement rates in the U.S. Delivering Vision Having worked for over twenty-five years in the healthcare industry Cumming has followed a very consistent career path in the healthcare field. At these various positions Cumming has developed intimate knowledge of technology and has always been in close contact with customers, spending time understanding their challenges and expectations.
In the last few years, for example, Hologic’s senior team witnessed the rise of digital radiography and saw this technology supplant analog radiography in the marketplace as well as in Hologic’s business activity. Now, through his strong belief in the potential of breast tomosynthesis, Cumming is preparing the company for the next era of breast imaging. Hologic is already leading the way in breast tomosynthesis and breast image enhancement, focusing research efforts in areas that are challenging even for the larger manufacturing companies. One aspect of being a visionary CEO is, after assessing the risks involved, going to extraordinary lengths in favor of a noble cause. Breast cancer, the second deadliest cancer and the most frequently diagnosed cancer among women, is one such cause. In recent years the fight against breast cancer has shown favorable trends, however, as death rates have steadily decreased in the US due to a combination of earlier detection and improved treatment. One cannot underestimate the role of the industry in giving rise to these favorable trends. Committed companies and individuals exert a push on various fronts, supporting screening programs, sponsoring clinical research, offering training, and developing better technologies for diagnosis and treatment. As such, the dedication of a company to the cause benefits efforts toward providing better community health. In recognition of his contribution to the advancement of women’s health, Frost & Sullivan commends Jack Cumming’s leadership, vision and dedication, and is proud to recognize Jack and his team as the Frost CEO of the Year in the North American Medical Imaging industry. About Best Practices Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry. About Frost & Sullivan Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com. Award Description The Frost & Sullivan CEO of the Year Award is bestowed each year upon the CEO or executive who has demonstrated leadership excellence within his or her industry. Gains in market share and decisions that improve earnings and grow the company, as well as leadership that affects observable changes in the industry, are common CEO performance measurement criterion and are important metrics Frost & Sullivan utilizes in its CEO of the Year Award selection process. A CEO’s vision, risk-taking, and leadership also can have a profound effect on performance. Frost & Sullivan seeks to identify a highly successful CEO whose leadership, vision, and successful risk-taking stand out among his or her peers. The Award recipient also has distinguished himself or herself from competitors by pursuing a unique restructuring, organizational management reengineering, or competitive roadmap that has resulted in propelling or sustaining the company's market position. Research Methodology The Frost & Sullivan CEO of the Year Award is bestowed each year upon the CEO or executive who has demonstrated leadership excellence within his or her industry. Gains in market share and decisions that improve earnings and grow the company, as well as leadership that affects observable changes in the industry, are common CEO performance measurement criterion and are important metrics Frost & Sullivan utilizes in its CEO of the Year Award selection process. A CEO’s vision, risk-taking, and leadership also can have a profound effect on performance. Frost & Sullivan seeks to identify a highly successful CEO whose leadership, vision, and successful risk-taking stand out among his or her peers. The Award recipient also has distinguished himself or herself from competitors by pursuing a unique restructuring, organizational management reengineering, or competitive roadmap that has resulted in propelling or sustaining the company's market position. Measurement Criteria In addition to the methodology described above, there are specific criteria used in determining the final ranking and Award recipient. The recipient of this Award has excelled based on several of the following criteria:
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