Thomas Prescott will retire as president and CEO at Align Technology effective 1 June, but will continue on the board of directors.
During Prescott’s leadership, Align’s annual revenue grew from $69.7 million to $761.7 million, annual earnings per share grew from a loss of ($1.52) to a profit of $1.77, and its market capitalisation grew from $240 million to $4.4 billion.
‘I am extremely proud of everything Align has accomplished, and as I have said many times, Align’s best days are still ahead,’ said Thomas Prescott.
‘I am confident that under Joe’s leadership, Align will continue its strong history of innovation and execution to deliver above industry average growth rates in every geography we serve.
‘Our business remains very healthy and we expect first quarter Invisalign case volume to be at the high-end to slightly above our guidance range.’
Joseph Hogan, an accomplished chief executive with extensive experience in healthcare and technology, will take over the position once Mr Prescott steps aside.
Most recently, he served as CEO of Zurich-based ABB Ltd, a $40 billion global power and automation company with 140,000 employees.
‘This is an exciting time in Align’s history as the leader in clear aligners and the emerging technology innovator in digital dentistry,’ said Joseph Hogan, Align Technology incoming president and CEO.
‘I look forward to working with this well established team and building on the tremendous organic growth opportunities.’