Charles River says CFO Smith to retire by end of the year

Contract research organization Charles River Labs said its chief financial officer, David Smith, will retire following a transition period to find his successor.

Smith, who also holds the title of corporate executive vice president, is expected to step down by the end of the year. Smith has been with Charles River since 2014 and was part of the discovery services acquisitions of Argenta and BioFocus. He was promoted to his current CFO role in 2015 and is responsible for overseeing accounting, tax, treasury, investor relations, internal audit, risk management and procurement.

“David has been a trusted advisor to me, his colleagues and the board of directors, and I look forward to continuing to work with him until his retirement as we plan for a seamless transition of his responsibilities,” James Foster, Charles River’s chairman, president and CEO, said in a statement.

RELATED: Charles River Labs sees revenue jump in Q3, but R&D, CDMO sell-off will hit sales next quarter

Additionally, the company released financial guidance for 2022 that forecast revenue growth in the low-teens between 13% to 15%, adding that it expects to “generate modest operating margin improvement in 2022, despite headwinds from higher compensation costs, as well as the impact of the 53rd week.”

The company said it would provide additional 2022 financial guidance during its presentation at the annual J.P. Morgan Healthcare Conference.