ICON CEO Steve Cutler to Retire, Barry Balfe Appointed as New CEO

Steve Cutler, CEO of ICON plc, will retire as of October 1, 2025. He will be succeeded by COO Barry Balfe, who has been with the company for over 20 years and has held various leadership roles. Cutler will continue to serve on the Board as a non-executive director. Balfe has been appointed to the Board and will assume the role of CEO on October 1, 2025.

ICON plc (NASDAQ: ICLR), a leading clinical research organization, has announced a significant leadership change. Dr. Steve Cutler, the company's CEO since March 2017, has informed the Board of his decision to retire, effective October 1, 2025. He will be succeeded by Mr. Barry Balfe, ICON's current Chief Operating Officer, who will assume the role of CEO on the same date. Cutler will continue to serve on the Board as a non-executive director to facilitate a smooth transition.

Mr. Balfe, who has over two decades of experience with ICON, has held various leadership positions within the organization. He joined ICON in 2019 as President of Functional Services and later became President of Pharma Solutions before taking on his current role as Chief Operating Officer in January 2025. His appointment follows a comprehensive succession planning process and is seen as an ideal continuation of ICON's leadership.

ICON's Chair, Mr. Ciaran Murray, praised Mr. Balfe's record of success in leadership roles within the company. He stated, "Barry has an outstanding record of success in leadership positions in ICON, most recently in his role as Chief Operating Officer. Barry’s appointment follows a comprehensive succession planning process and he is ideally positioned to lead ICON into the future." Murray also expressed gratitude towards Dr. Cutler for his significant contributions to ICON, noting that Cutler's strong leadership and vision have enabled ICON to achieve its market-leading position.

Dr. Cutler commented, "It has been a privilege to serve as ICON’s CEO. I would like to thank the Board, the ICON executive team, our dedicated employees, and our customers for their support and collaboration during my 14 years with ICON. I have worked closely with Barry since joining ICON in 2011 and I strongly believe he is the right person to lead ICON to further growth and success."

Mr. Barry Balfe expressed his enthusiasm for the new role, stating, "It is an honor to be selected as ICON’s CEO. At this pivotal time in our industry, I look forward to leading our teams as we work to accelerate the development of novel therapeutics that benefit patients around the world. Our ability to create value for our customers through increased efficiency and disruptive innovation of clinical development pathways remains our strategic focus and a key driver of ICON’s growth and further success into the future."

ICON plc, with headquarters in Dublin, Ireland, employs approximately 39,900 employees in 95 locations across 55 countries as of June 30, 2025. The company provides outsourced clinical research services to pharmaceutical, biotechnology, medical device, and government and public health organizations, driving innovation and improving patient lives.

The press release also contains forward-looking statements about ICON's financial guidance, which are subject to future events, risks, and uncertainties. Investors are advised to review ICON's SEC filings for more detailed information on these risks and uncertainties.

References:
[1] https://www.businesswire.com/news/home/20250904315076/en/ICON-Announces-CEO-Transition
[2] https://www.tradingview.com/news/DJN_DN20250904004557:0-icon-ceo-steve-cutler-to-retire-barry-balfe-to-take-reins/