Align Technology Inc, San Jose, Calif, recently announced that Thomas M. Prescott will retire as president and CEO effective June 1, 2015. On that date, Joseph M. Hogan will assume the position of president, CEO, and director.
Under Prescott’s leadership, Align increased shareholder value significantly and achieved record revenues and net income. During this period, Align’s annual revenue grew from $69.7 million to $761.7 million, its annual earnings per share grew from a loss of ($1.52) to a profit of $1.77, and its market capitalization grew from $240 million to $4.4 billion. Prescott will continue to serve on Align’s board of directors.
Hogan has managed multi-billion-dollar global operations across multiple industry platforms, including healthcare, technology, and industrial. Most recently, he served as CEO of Zurich, Switzerland-based ABB Ltd, a $40 billion, global power and automation company with 140,000 employees. During his 5 years at ABB, Hogan grew revenues from $32 billion to $40 billion. Prior to ABB, Hogan spent more than 25 years at GE, including 8 years as the CEO of GE Healthcare, where he drove significant geographic and market portfolio expansion, growing revenues from $7 billion to $16 billion. Hogan holds a bachelor’s degree in business and economics from Geneva College and a Master of Science degree in business management from Robert Morris University.