Dental implant maker Nobel Biocare announced today that its CEO, Domenico Scala, is leaving the company. The board of directors has appointed Richard Laube, a former executive with Nestlé, as its new CEO, effective May 1.
The board thanked Scala for his contributions to the company since taking over as CEO in 2007 and said his leaving was part of a "regular succession process." But some analysts suggested that Scala was replaced because the company has not performed well under his guidance. During Scala's tenure, Nobel Biocare's stock has lost 80% of its value and the company lost its market share lead to rival Straumann, according to a story in the Wall Street Journal.
"Scala took over the company at a highly critical time, and during the last three and a half years he has created a new footing, established a first-rate management team and successfully expanded the product portfolio," Nobel Biocare said in a press release.
Scala will be available to the company in an advisory capacity until the end of October 2011.
Nobel Biocare will report its 2010 financials on February 17, and the company's net profit is expected to be 50 million euros ($67 million), half of what it was in 2009, according to the Journal.
