Cytek Announces Resignation of Chief Operating Officer Chris Williams

Rhea-AI Summary

Cytek Biosciences (Nasdaq: CTKB) announced the resignation of its Chief Operating Officer, Chris Williams, effective September 27, 2024. Williams is leaving to accept a CEO position at another company. Instead of replacing the COO role, Cytek will restructure to create a flatter, more efficient management structure.

During his tenure, Williams played key roles in the company's growth, improving operational processes and enhancing efficiency. CEO Dr. Wenbin Jiang expressed gratitude for Williams' contributions and sees the restructuring as an opportunity to increase agility and empower teams. Williams will remain with Cytek until his departure date to ensure a smooth transition and assist with the restructuring process.

Positive

• Opportunity to streamline organizational structure and increase operational efficiency
• Potential for increased agility and team empowerment through flatter management hierarchy

Negative

• Loss of experienced COO who played key roles in company growth
• Potential disruption during leadership transition and restructuring process

FREMONT, Calif., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (Nasdaq: CTKB), a leading cell analysis solutions company, today announced that its Chief Operating Officer, Chris Williams, will resign his position effective September 27, 2024, to accept a CEO position at another company. Cytek has chosen not to replace the COO position, opting instead to restructure the organization to create a flatter, more efficient management structure.

During his tenure, Williams played key roles in the company’s growth, spearheading initiatives that improved operational processes and paving the way for Cytek’s future success. His leadership has been integral to enhancing the company's efficiency and laying a strong foundation for ongoing operational improvements.

“We are grateful to Chris for his dedication and contributions to Cytek,” said Dr. Wenbin Jiang, CEO of Cytek. “As we look ahead, we believe this is an opportunity to streamline our organizational structure. By flattening our hierarchy, we aim to increase agility, empower our teams, and further drive operational efficiency.”

“I have been fortunate to work with a talented and driven team in a growing industry,” said Williams. “I believe that Cytek is well-positioned for continued success and will thrive under this new structure.”

Williams will remain with Cytek until September 27, 2024, to ensure a smooth transition and assist with the restructuring process.

About Cytek Biosciences, Inc.
Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling™ (FSP™) technology. Cytek’s novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek’s FSP platform includes its core instruments, the Cytek Aurora™ and Northern Lights™ systems; its cell sorter, the Cytek Aurora™ CS; the Cytek Orion™ reagent cocktail preparation system; the Enhanced Small Particle (ESP™) detection technology; the flow cytometer and imaging products under the Amnis^® and Guava^® brands; and reagents, software and service to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at www.cytekbio.com.

Cytek, Full Spectrum Profiling, FSP, Cytek Aurora, Northern Lights, ESP, Cytek Orion, Amnis and Guava are trademarks of Cytek Biosciences, Inc.

In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Cytek uses its website (www.cytekbio.com), LinkedIn page and X (formerly Twitter) account as channels of distribution of information about its company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Cytek may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Cytek’s website, LinkedIn page, and X account in addition to following its SEC filings, news releases, public conference calls and webcasts.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might," "will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding the Chief Operating Officer’s departure date and Cytek’s planned organizational restructure and its potential impact on Cytek’s business operations and future success. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management. These statements also deal with future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as those relating to global economic, political and market conditions; competition; market acceptance of Cytek’s current and potential products; Cytek’s dependence on certain sole and single source suppliers; Cytek’s ability to manage the growth and complexity of its organization; Cytek’s ability to manage relationships with key customers and suppliers; Cytek’s ability to retain key employees; and Cytek’s ability to continue to stay in compliance with its material contractual obligations, applicable laws and regulations. You should refer to the section entitled “Risk Factors” set forth in Cytek’s most recent Quarterly Report on Form 10-Q filed with the SEC and other filings Cytek makes with the SEC from time to time for a discussion of important factors that may cause actual results to differ materially from those expressed or implied by Cytek’s forward-looking statements. Although Cytek believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. The forward-looking statements in this press release are based on information available to Cytek as of the date hereof, and Cytek disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Cytek’s views as of any date subsequent to the date of this press release.

Investor Contact:
Paul Goodson
Head of Investor Relations
pgoodson@cytekbio.com

FAQ

When will Chris Williams resign as COO of Cytek Biosciences (CTKB)?

Chris Williams will resign as COO of Cytek Biosciences (CTKB) effective September 27, 2024.

Why is Chris Williams leaving Cytek Biosciences (CTKB)?

Chris Williams is leaving Cytek Biosciences (CTKB) to accept a CEO position at another company.

How will Cytek Biosciences (CTKB) replace the COO position?

Cytek Biosciences (CTKB) has chosen not to replace the COO position. Instead, they will restructure the organization to create a flatter, more efficient management structure.

What are the expected benefits of Cytek Biosciences' (CTKB) restructuring?

The restructuring at Cytek Biosciences (CTKB) aims to increase agility, empower teams, and further drive operational efficiency through a flatter organizational hierarchy.