Fortrea CEO Steps Down Amid Continued Stock Decline Post-Labcorp Spinout

Fortrea, a global contract research organization (CRO) spun off from Labcorp in July 2023, has announced the departure of its inaugural CEO.

Fortrea was launched as an independent, publicly traded company on Nasdaq under the ticker 'FTRE', following a spinout from Labcorp's Clinical Development business.145

The company employs over 19,000 people and provides comprehensive Phase I-IV clinical trial management and commercialization services to the pharmaceutical and biotechnology industries.5

Following its spinout and public debut, Fortrea's stock has experienced a significant decline, prompting scrutiny of its leadership and strategy.

The leadership change comes at a challenging time for the company as it seeks to stabilize market confidence and deliver on the promise of innovation in clinical research.5

Sources:

1. https://ir.labcorp.com/news-releases/news-release-details/labcorp-completes-spin-fortrea

4. https://ir.fortrea.com/news-releases/news-release-details/fortrea-launches-leading-global-contract-research-organization

5. https://medicalalley.org/labcorp-unveils-new-name-for-future-independent-clinical-development-business-fortrea/