UPDATED: March 19, 7:46 p.m.
University President-elect Lawrence S. Bacow will step down from the board of directors of Henry Schein Inc., the Long Island, N.Y.-based health care supplies distributor disclosed Monday.
Bacow, who will succeed University President Drew G. Faust in July, cited “time commitment” to his new role as the reason for his decision not to run for re-election for Henry Schein’s board in a U.S. Securities and Exchange Commission document published Thursday.
“I am resigning from all of my boards to focus my time on my Harvard responsibilities," Bacow wrote in an emailed statement Monday.
“Dr. Bacow will continue to serve as a director and as a member of the Strategic Advisory Committee and Nominating and Governance Committee until the completion of the Annual Meeting,” the document reads. “Dr. Bacow’s decision not to stand for reelection was not in connection with a disagreement on any matter relating to the Company’s operations, policies or practices.”
Henry Schein Inc. is the world’s largest provider of health care supplies and services in the medical, dental, and veterinary industries, servicing more than 800,000 customers, according to the company’s website. The Fortune 500 company is part of the NASDAQ 100. Bacow joined Henry Schein’s Board of Directors in Dec. 2014.
Henry Schein’s board approved former Staples CEO Shira D. Goodman as Bacow’s replacement on Friday.
Bacow also served on the board of Loews Corporation, which he left in February, according to a U.S. Securities and Exchange Commission document.The moves represent a break from his predecessor; Faust served on the board of Staples during her presidency. Faust, who joined the board in 2012, was the first sitting Harvard president to serve on a corporate board.
—Staff writer Kristine E. Guillaume can be reached at firstname.lastname@example.org. Follow her on twitter @krisguillaume.
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