Quick Thoughts on CEO Change

Research evidence excerpt

Quick Thoughts on CEO Change

Update

August 3, 2026 09:21 PM GMT

Morgan Stanley & Co. LLCMDanaher Corporation | North America Kallum L Titchmarsh

Equity Analyst

Quick Thoughts on CEO Change Kallum.Titchmarsh@morganstanley.comJakob Dodd +1 212 761-2351

Research Associate

Jakob.Dodd@morganstanley.com +1 212 761-0797

What happened? After market close today, DHR announced that current CEO

Jason Lai

Rainer Blair will retire, with Julie Sawyer Montgomery, Executive Vice President of Research Associate

the Danaher Diagnostics Platform, set to succeed him as President and CEO Jason.Lai@morganstanley.com +1 212 761-4848

effective October 1, 2026. She'd been part of Beckman Coulter Dx since 2017 Danaher Corporation (DHR.N, DHR US)

(moving up to President) before taking over the combined Diagnostics business Life Science Tools & Diagnostics | United States of

within DHR in 2023. DHR's previously communicated guidance for the third quarter America

Stock Rating Overweight

and full-year was unchanged.

Industry View In-Line

Price target $220.00

Our first thoughts: While the messy Q2 mechanics were tough to forsee (see our Shr price, close (Aug 3, 2026) $197.50

take here), we'd subsequently fielded a lot of pent up investor frustration at Mkt cap, curr (mm) ND

52-Week Range $242.80-160.93

execution across the past few years, with a number calling for management changes.

Growth that's lagged the broader market paired with underwhelming performance

on recent acquisitions left a number of investors questioning whether a refresh was

required. We therefore aren't too surprised to see a change come about, and expect

investors to react constructively to this update (shares are currently up LSD% in the

post market). We've had a few investors reach out suggesting they'd have preferred