Techne Replaces CFO Who Sought CEO Position
Techne Corporation announced Thursday that it appointed a new chief financial officer (CFO) to replace Greg Melsen, who resigned on Monday after being passed over for the CEO role.
The Minneapolis-based biotech company named James Hippel its new CFO, effective April 1.
Melsen had served as Techne’s vice president of finance and CFO since December 2004 and became interim CEO in November after Techne’s longtime CEO Thomas Oland resigned prematurely in protest of the company’s choice to include external candidates in the search process for his successor.
Oland had recommended that the board choose Melsen as the company’s next CEO, but in March it instead hired outside candidate Charles Kummeth, a former 3M Company executive. Melsen then announced in January that he would step down from the CFO role.
“It was entirely Greg’s decision to leave—he wanted the CEO job and stated that intention outright,” Kummeth told Twin Cities Business at the time.
According to Techne, Melsen left “to pursue other opportunities,” and Kummeth did not disclose any further details about where Melsen was headed.
Techne’s new CFO, Hippel, previously served as CFO for California-based Mirion Technologies, Inc., which Techne said is a $300 million global technology and manufacturing company. Before that, he worked alongside Kummeth at Massachusetts-based Thermo Fisher Scientific, Inc., as vice president of finance.
“I’ve known Jim since my days at Thermo Fisher and am ecstatic that he has chosen to come on board at Techne as CFO,” Kummeth said in a statement Thursday. “He brings tremendous skills in finance, global operations, and executable strategies for growth.”