Safeguard Scientifics, Inc. (NYSE: SFE), a holding company that builds value in growth-stage life sciences and technology companies, today announced that the Safeguard board of directors has named Senior Vice President and Chief Financial Officer Stephen T. Zarrilli, 51, to succeed Mr. Boni as President and CEO, effective November 1, 2012. Peter J. Boni, 67, will retire at the Company’s annual meeting of shareholders on May 23, 2013 after more than seven years as the primary architect of Safeguard’s repositioning as the preferred catalyst for growth capital. Mr. Zarrilli will also join the Board of Directors of the Company effective November 1, 2012.
“This transition comes at a time when Safeguard has never been stronger, strategically or financially,” said Andrew E. Lietz, Chairman of the Safeguard board of directors. “Peter took the Safeguard reins in August 2005, revitalized and refocused the Company post-Internet bubble, and delivered above-average returns even during the current period of prolonged and unprecedented economic uncertainty. Steve Zarrilli is a strong and capable executive who worked closely with Peter to improve Safeguard’s financial strength and flexibility, and to set the stage for continued growth and platform expansion.”
Mr. Lietz said that from November 2012 until May 2013, Mr. Boni will provide transitional support to Mr. Zarrilli as CEO emeritus. For the balance of 2013, Mr. Boni will serve as a senior advisor to Safeguard.
“Steve Zarrilli and I have worked shoulder to shoulder for six years to position Safeguard as a company builder, focused on growth-stage life sciences and technology businesses,” Mr. Boni said. “Steve is the right executive at the right time to build on that momentum and take Safeguard even higher, to the benefit of shareholders and partner companies.”“I am humbled by the board’s confidence and support in this new assignment,” Mr. Zarrilli said. “I am energized by the opportunity to continue to work with the Safeguard team to build additional value.”