Independent director Walter Rosebrough, Jr. has assumed the role of executive chair, taking control of daily operations while the company searches for a permanent successor. Russell Reynolds is leading the recruitment process. Rosebrough noted that the board felt compelled to act after recent results failed to align with internal targets, marking a sharp pivot toward structural change.
The board is also rotating its membership to bring in fresh oversight. Shlomo Nachman, a former executive at Johnson & Johnson, joins the board effective immediately. Conversely, Barbara Carbone, Colleen Jay, and Robert Weiss will not seek reelection at the upcoming shareholder meeting. Despite the leadership vacuum, the company reaffirmed its existing full-year financial guidance.
This shakeup follows a report from The Wall Street Journal last month indicating that Jana Partners, an activist investment firm, had been lobbying for White’s removal. The firm cited excessive spending and persistent underperformance as primary drivers for their intervention. White will remain with the organization as a strategic adviser until April 1 to assist with the transition.
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