Clarivate Announces Retirement of Chief Executive Officer Jerre Stead and Appointment of Jonathan Gear as New CEO

Rhea-AI Summary

Clarivate Plc (NYSE:CLVT) announced the retirement of Jerre Stead as CEO, effective September 1, 2022, after three years of leadership during which the company nearly tripled in size. Jonathan Gear has been appointed as CEO-elect, starting July 11, 2022, with a strong background in technology and data services, previously serving as CFO of IHS Markit. Mr. Stead will transition to Non-Executive Chair of the Board, emphasizing the confidence in Mr. Gear to lead the company forward. Clarivate aims to position itself as a leading provider of innovative solutions.

Positive

• Jerre Stead successfully tripled company size in revenue and workforce.
• Jonathan Gear brings 23 years of relevant executive experience, enhancing leadership.

Negative

• Concerns about leadership transition and continuity during the change.

LONDON, July 11, 2022 /PRNewswire/ -- Clarivate Plc (NYSE:CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, today announced that Jerre Stead, Executive Chair and Chief Executive Officer, is retiring from his CEO role effective September 1, 2022, but will continue as Non-Executive Chair of the Board of Directors. During Mr. Stead's tenure as Clarivate CEO, the company has nearly tripled in size both in revenue and colleague population, delivered strong cash flow, completed multiple strategic acquisitions, and aligned into a customer- and colleague-centric enterprise.

With this transition, the board of directors has selected Jonathan Gear to succeed Mr. Stead. Mr. Gear is joining Clarivate as CEO-elect and a member of the board of directors on July 11, 2022. Mr. Gear will become Chief Executive Officer on September 1, 2022, at which time Mr. Stead will become Non-Executive Chair. 

Mr. Gear brings 23 years of executive leadership experience in technology, data and information services companies, most recently as Chief Financial Officer of IHS Markit, where he helped guide the company through its successful merger with S&P Global. While at IHS Markit, Mr. Gear also served as President of the Energy, Transportation and CMS business segments, leading the P&Ls for approximately $2.6 billion in revenue. Mr. Gear holds a BA in Political Economics from the University of California-Berkeley and an MBA from Stanford University.

Mr. Stead said: "It has been my great honor to lead Clarivate as CEO over the past three years. With a solid strategic plan in place and the acceleration of growth being driven by an amazing team of colleagues around the world, I feel we are well-positioned for the future. I am looking forward to spending more time with Mary Joy, my wife and partner for over 60 years, our wonderful family, and working together to support Clarivate as well as our many charitable and community relationships across the globe.

"I have had the pleasure of working with Jonathan Gear for over 15 years and believe his experience coupled with his leadership capabilities are a perfect match for Clarivate," Mr. Stead added. "He brings a deep understanding of our markets, our business model and the opportunities we have. I look forward to working with Jonathan as we continue our pursuit of excellence at Clarivate."

Mr. Gear said: "This is a very exciting time to join Clarivate and become the company's next CEO. We will continue our efforts to make Clarivate one of the best companies in the world and a valued partner for the customers we serve."

Anthony Munk, Lead Independent Director for Clarivate, said: "Jerre Stead is such a remarkable leader and accomplished CEO, we feel great about the progress he's driven across the company, most notably through the One Clarivate business model and building a leadership team prepared to partner with and deliver for customers, colleagues and shareowners around the word.  We are particularly pleased that we have been able to bring a high-caliber executive such as Jonathan Gear to Clarivate as our next CEO as he leads the company into an exciting future."

About Clarivate

Clarivate™ is a global leader in providing solutions to accelerate the pace of innovation. Our bold mission is to help customers solve some of the world's most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of Academia & Government, Life Sciences & Healthcare, Professional Services and Consumer Goods, Manufacturing & Technology. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.

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SOURCE Clarivate Plc

FAQ

Who is the new CEO of Clarivate (CLVT)?

Jonathan Gear has been appointed as the new CEO of Clarivate, effective September 1, 2022.

What is Jerre Stead's role after retiring as CEO?

Jerre Stead will continue as the Non-Executive Chair of the Board of Directors after retiring as CEO.

When did Jerre Stead announce his retirement from Clarivate (CLVT)?

Jerre Stead announced his retirement on July 11, 2022.

What experience does Jonathan Gear bring to his new role at Clarivate (CLVT)?

Jonathan Gear has 23 years of executive leadership experience, most recently as CFO of IHS Markit, where he played a key role in its merger with S&P Global.

How has Clarivate (CLVT) performed under Jerre Stead's leadership?

Under Jerre Stead's leadership, Clarivate nearly tripled in size, both in revenue and workforce.