Here is why Berkeley Lights is down 30%

Berkeley Lights Inc (NASDAQ: BLI) went down 30% after announcing its Chief Executive Officer, Dr. Eric Hobbs will be moving from CEO and a member of the company’s BoD to the Antibody Therapeutics department president. Berkeley Lights is now in search of a new Chief Executive Officer as the company continues to execute all its business strategies. 

One of the business strategies the company is working on includes adding services to its product offerings portfolio. Dr. Eric Hobbs will continue to serve as the company’s CEO until his replacement is found. He will also continue to sit on the board of directors until this happens. 

Who is Dr. Hobbs?

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Dr. Eric Hobbs joined Berkeley Lights about nine years ago in 2013. He was tasked with leading the commercial development of the company’s optofluidic technology. This tech helped lead to the Beacon system that’s well-known as one of the top platforms for functional characterizations of the live single cell. He became the company’s CEO in 2017.

In Dr. Hobbs’ new role as the president of the Antibody Therapeutics department, he will concentrate on growing Berkeley’s largest business line. His deep knowledge and expertise in this space, including the company’s customers, technology, and future research and development roadmap, will help make sure there’s successful business continuity. 

How does the board feel?

Chairperson of the company’s board of directors, Gregory Lucier, said:

As Berkeley Lights moves into a new chapter of growth, we are grateful we will continue to benefit from Eric’s leadership, talent and insight as we revolutionize how scientists can access primary cell biology to make extraordinary discoveries.

Mr. Lucier claimed that Dr. Hobbs’ leadership as Chief Executive Officer of the company allowed them to realize over a ten-fold revenue increase. The Chairperson said that he also oversaw a successful Initial Public Offering in 2020 and released several transformational products during his tenure as CEO. Gregory Lucier continued:

As we continue to evolve our business and executive leadership, I will take a more engaged role in providing guidance and support to the management team to advance the collective goal of driving value for our customers, partners and shareholders.