Agilent Technologies Accelerates Transformation Ambition with New Market-Focused Organizational Structure
Agilent Technologies, a leading provider of life sciences and applied markets solutions, has taken a significant step forward in its transformation ambition with the announcement of a new market-focused organizational structure. This move is aimed at making the company even more customer-centric and nimbler to accelerate its performance.
The new organizational structure was announced earlier today as part of Agilent's fourth quarter 2024 earnings conference call. According to Padraig McDonnell, President and CEO of Agilent, the change has no impact on the company's consolidated financial statements. However, it marks an important milestone in the company's evolution towards a more customer-centric approach.
As part of this transformation, Agilent has created three new business groups: Life Sciences and Diagnostic Markets Group, led by Simon May; Applied Markets Group, led by Mike Zhang; and CrossLab Group, led by Angelica Riemann. This reorganization is expected to enhance the company's ability to deliver more tailored solutions to its customers.
The fourth quarter results for Agilent were solid, with revenue reaching $1.701 billion, representing a 1% reported growth and flat core growth. The total company book-to-bill was greater than 1, indicating steady market improvement, and the company gained share in all geographies. This is a testament to customers' trust in Agilent's solutions, even in challenging capital expenditure environments.
Padraig McDonnell noted that the new organizational structure will enable Agilent to be more agile and responsive to customer needs, leading to accelerated performance. The company's customer-first strategy evolution aims to make it an even more trusted partner for life sciences and applied markets customers.
The future looks promising for Agilent as it embarks on this exciting transformation journey. With a renewed focus on market-focused innovation and exceptional customer service, the company is poised to take its position in the industry to new heights. As Mike Zhang takes on his new role as President of Applied Markets Group, he brings over 20 years of experience within Agilent to lead the group forward.
Phil Binns, who has served as President of Life Sciences and Applied Markets Group, will be retiring from this role but has agreed to serve as a special adviser through April 2025. The company wishes him well in his retirement and looks forward to continuing to work with him during the last five months.
