Fortrea CEO Thomas Pike steps down, Peter Neupert takes interim role.

Fortrea, a global contract research organization (CRO), announced that Thomas Pike is stepping down as CEO and Chairman of the Board. Peter M. Neupert will serve as Interim CEO and Board Chair, and an executive search is underway. Pike has entered into a consulting agreement to support the transition. The company is grateful for Pike's contributions and leadership during a challenging time.

Fortrea (Nasdaq: FTRE), a leading global contract research organization (CRO), has announced that Thomas Pike is stepping down from his role as Chief Executive Officer and Chairman of the Board, effective May 13, 2025. Peter M. Neupert, the company's Lead Independent Director, will serve as Interim CEO and Board Chair. An executive search process is already at an advanced stage, and Pike will remain as a consultant during the transition period [1].

Neupert brings significant healthcare and technology industry experience, having served as an Operating Partner at Health Evolution Partners and Corporate Vice President at Microsoft's Health Solutions Group. The leadership change comes as Fortrea approaches its two-year anniversary as an independent CRO [1].

The company will hold its earnings conference call on May 12, 2025, at 9 a.m. ET [1]. CEO Thomas Pike steps down after guiding Fortrea's spinoff; transition appears planned as company enters its next growth phase. The departure of Thomas Pike as CEO and Chairman marks a significant leadership transition for Fortrea nearly two years after its spinoff. Pike's exit appears to be part of a planned succession rather than an abrupt departure, as evidenced by the consulting agreement and the advanced stage of the executive search process [1].

The timing – with the executive search already "at an advanced stage" – suggests the Board has been planning this transition, reducing uncertainty. The arrangement for Pike to remain available as a consultant further indicates an orderly handover rather than an unexpected departure, which should provide some stability during this transition period [1].

Peter M. Neupert is a seasoned leader and board member with a track record of success in the healthcare and technology industries. He served as an Operating Partner at Health Evolution Partners, a private equity fund, from February 2012 to July 2014. Prior to joining Health Evolution Partners, Neupert served as Corporate Vice President, Health Solutions Group at Microsoft from August 2005 to January 2012, and as the founding Chief Executive Officer and Chairman of the board of directors of drugstore.com, which he joined in July 1998 [1].

Fortrea will hold its earnings conference call at 9 a.m. ET on May 12, 2025, which will include a question and answer session. To participate in the earnings call, participants should register online at the Fortrea Investor Relations website [1].

References:
[1] https://www.stocktitan.net/news/FTRE/fortrea-announces-ceo-stepping-8ir1unlufwan.html