Bio-Teche Corporation announced Chuck Kummeth's planned two-year transition from his position as Bio-Techne's Chief Executive Officer (CEO) effective June 30, 2024. The Company's Board of Directors has begun its search for Mr. Kummeth's replacement, evaluating both internal and external candidates to assume the CEO position upon Kummeth's retirement at the end of its fiscal 2024. It is anticipated that Mr. Kummeth will continue to serve on Bio-Techne's Board of Directors upon his retirement.

Mr. Kummeth has served as Chief Executive Officer and as a member of the Company's Board of Directors since April 2013. Under Mr. Kummeth's leadership, the Company delivered on key strategic initiatives to accelerate its organic growth rate, expand its total addressable market and fortify its position as a leader in the life science tools and diagnostics markets. During Kummeth's tenure as CEO, Bio-Techne grew its revenue from approximately $311 million in fiscal 2013 to $1.1 billion in fiscal 2022, representing a compounded annual growth rate (CAGR) of over 15%.

Additionally, the Company grew from approximately 800 to over 3,000 employees, expanded its product portfolio and total addressable market through the completion of 17 acquisitions, established a best-in-class executive leadership team, and implemented processes and procedures to drive future growth.