Fortrea Announces CEO Stepping Down

Peter M. Neupert, Fortrea’s Lead Independent Director, will serve as Interim CEO as Thomas Pike steps down

DURHAM, N.C., May 12, 2025 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced that Thomas Pike is stepping down from his role as Fortrea’s Chief Executive Officer and as Chairman of its Board. Fortrea’s Lead Independent Director, Peter M. Neupert, will serve as Interim Chief Executive Officer and Board Chair, beginning May 13, 2025. As part of a succession planning process, an executive search is already at an advanced stage. Mr. Pike has entered into a consulting agreement with the Company to serve as a resource to its leadership team through the transition.

“On behalf of Fortrea’s Board, I would like to thank Tom for his invaluable contributions and leadership to Fortrea during a pivotal time,” said Neupert. “Tom has led the company through a challenging period, navigating a complex operating environment while laying critical groundwork for long-term improvement. With Fortrea now operating as a fully independent company as it approaches two years since its spin, Tom and the Board agreed that this is the right time to move ahead with this planned transition.”

“The Fortrea story is more than 30 years in the making, and it’s time for the next chapter,” said Pike. “Since joining almost two and a half years ago when Fortrea was still notional, I have been honored to work with the leadership team as we led the Company’s formation and transition, delivered for our customers, and developed an extraordinary team of talented people around the world. Over time, we have created a leading, agile CRO, bringing unique focus and capabilities to address the needs of customers and achieve our patient-inspired purpose. I am proud of our shared achievements and believe the best is yet to come.”

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.