Gene One Change Strategy
Gene One entered the biotech industry in 1996 with new technology to eradicate disease in tomatoes and potatoes. Don Ruiz, who has built the company with four other entrepreneurs, founded the company. The hard work and dedication of these five individuals has grown the company from $2 million to over $400 million in just eight years. As biotechnology continues to be a favorite on Wall Street, Don has proposed an opportunity to his executive team and board of directors to move the company public.
Within weeks of proposing the plan for an individual public offering (IPO), Don suddenly passed away leaving the company in a state of flux. The executive team, along with the board members and the Ruiz family, must determine how to move forward. The first step is for the family and the board of directors to come to an agreement on who will be Chief Executive Officer. The next step is to determine if the company should continue with the IPO process. The final task is to incorporate a detailed change strategy to ensure the company continues on the established path as well as remain profitable and competitive.
The Ruiz family has the difficult task of deciding who will be the next Chief Executive Officer (CEO) for Gene One. The options are to appoint an individual from the executive team or fill the position with someone outside the organization. The family is concerned with choosing an outside candidate; an extreme change may add more stress to an already difficult situation. Placing an internal candidate in the CEO position may ensure a seamless transition.
Each family member has independently reviewed the qualifications and accomplishments of each executive team member and as a group have come to a decision. The family members, with input and approval from the Board of Directors, have chosen Charles Jones to take over the CEO position. Charles has cultivated many connections within the biotech industry while in the marketing officer...