Myriad Genetics Exec Capone Resigns, Riggsbee Named Interim CEO

Longtime Myriad Genetics (NASDAQ: [[ticker:MYGN]]) president and CEO Mark Capone has resigned. The Salt Lake City-based molecular diagnostic company said Myriad and Capone—who has been with the company for 17 years—mutually agreed it was the right time for a leadership transition.

Bryan Riggsbee, Myriad’s chief financial officer, was appointed interim president and CEO. He will continue to serve as CFO, too, as Myriad searches for a permanent chief executive. Riggsbee, who joined Myriad in October 2014, most recently served as senior vice president of corporate finance at LabCorp (NYSE: [[ticker:LH]]).

The announcement came as Myriad reported second-quarter earnings of $195.1 million, which fell short of investors’ expectations. Revenue was down 10 percent from $216.8 million in the second quarter of 2019; Riggsbee said the miss was primarily due to its prenatal testing business, which reported a 47 percent year-over-year drop in revenue as a result of issues in billing operations.

Author: Sarah de Crescenzo

Sarah is Xconomy's San Diego-based editor. Prior to joining the team in 2018, she wrote about startups, tech and finance at the San Diego Business Journal. Her decade of full-time news experience includes coverage of subjects including campaign finance, crime and courts as a reporter and editor at outlets throughout California, including the Orange County Register. She earned a bachelor's degree in English Literature at UC San Diego, where she wrote for the student newspaper and played collegiate lacrosse. In 2019, she earned an MBA at UC Irvine.