✦ A New President and a New CFONarrow moat

Thermo Fisher Scientific (TMO) — the future bets

Thermo Fisher has named an internal president and finance chief, the start of a succession for a company whose edge is operating discipline.

Thermo Fisher changed its top team in March 2026. Marc Casper, chief executive since 20091, became chairman and chief executive, and Gianluca Pettiti "will be promoted and transition to the role of President and Chief Operating Officer"2. The previous operating chief, Michel Lagarde, left at the end of March3.

Leadership, 2026Chairman and CEOMarc Casper, CEO since 2009President and COOGianluca Pettiti, from 1 March 2026CFOJim Meyer, 17 years at the companyQ2 2026 adjusted operating margin22.8%Thermo Fisher 8-K Jan 2026, Form 10-K FY2025, Q4 2025 call, Q2 2026 release
An internal succession.

The finance chief changed too. Stephen Williamson, chief financial officer since 20154, retired, and management introduced Jim Meyer as the new chief financial officer from March, "having spent seventeen years at the company"5.

Both appointments are from inside, which suits a company whose skill is running acquired businesses tightly. A president and chief operating officer is the usual step before chief executive.

The first results under the new team were good. The adjusted operating margin was 22.8% in the second quarter of 2026, 90 basis points higher than a year earlier6.

Other senior people left in the same reorganisation. The 8-K records that the chief operating officer, Michel Lagarde, would leave on 31 March 2026 and that Frederick Lowery, an executive vice president, would leave on 28 February7. Consolidating operations under one president is a change of structure as well as of names.

Casper has led the company a long time. The 10-K records him as President and Chief Executive Officer from 2009 to 2020 before he added the chair8, so the new president is the first operating number two to report to a chief executive who has run the company for seventeen years.

The bet is that the operating discipline survives the change. A falling adjusted operating margin in 2026, while Clario is absorbed, would be the first sign that it has not.

Moat trajectory: Holding steady

Adjusted operating margin 22.8% in Q2 2026, up 90bp.

The number that tests this moat
Reported
Adjusted operating margin, latest quarter
22.8% (Q2 2026), up 90 basis points

The operating team's scorecard; a fall while Clario is absorbed would mean the discipline is slipping.

Source: Thermo Fisher Q2 2026 results release ↗
References
  1. ReportedMarc Casper, chief executive since 2009, became chairman and chief executive, and Gianluca Pettiti "will be promoted and transition to the role of President and Chief Operating Officer".
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 26 February 2026 · source ↗
  2. ReportedMarc Casper, chief executive since 2009, became chairman and chief executive, and Gianluca Pettiti "will be promoted and transition to the role of President and Chief Operating Officer".
    Thermo Fisher Scientific Form 8-K on the March 2026 leadership changes - Marc Casper Chairman and CEO, Gianluca Pettiti President and COO. — January 2026 · publ. 12 January 2026 · source ↗
  3. ReportedThe previous operating chief, Michel Lagarde, left at the end of March.
    Thermo Fisher Scientific Form 8-K on the March 2026 leadership changes - Marc Casper Chairman and CEO, Gianluca Pettiti President and COO. — January 2026 · publ. 12 January 2026 · source ↗
  4. ReportedStephen Williamson, chief financial officer since 2015, retired, and management introduced Jim Meyer as the new chief financial officer from March, "having spent seventeen years at the company".
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 26 February 2026 · source ↗
  5. ReportedStephen Williamson, chief financial officer since 2015, retired, and management introduced Jim Meyer as the new chief financial officer from March, "having spent seventeen years at the company".
    Thermo Fisher Scientific fourth-quarter 2025 earnings call transcript (Motley Fool) - initial 2026 guidance, tariffs, academic and government demand, Clario's 2025 revenue and the new CFO. — Q4 2025 · publ. 29 January 2026 · source ↗
  6. ReportedThe adjusted operating margin was 22.8% in the second quarter of 2026, 90 basis points higher than a year earlier.
    Thermo Fisher Scientific second-quarter 2026 results, Form 8-K exhibit 99.1 - revenue, organic growth, segment income and margins, free cash flow and the balance sheet. — Q2 2026 · publ. 23 July 2026 · source ↗
  7. ReportedThe 8-K records that the chief operating officer, Michel Lagarde, would leave on 31 March 2026 and that Frederick Lowery, an executive vice president, would leave on 28 February.
    Thermo Fisher Scientific Form 8-K on the March 2026 leadership changes - Marc Casper Chairman and CEO, Gianluca Pettiti President and COO. — January 2026 · publ. 12 January 2026 · source ↗
  8. ReportedThe 10-K records him as President and Chief Executive Officer from 2009 to 2020 before he added the chair, so the new president is the first operating number two to report to a chief executive who has run the company for seventeen years.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - Item 1 business, executive officers, employees and remaining performance obligations. — FY2025 · publ. 26 February 2026 · source ↗
Sources
Generated September 28, 2026