Longtime SciQuest CEO Stephen Wiehe and two other C-level executives have unexpectedly departed the Morrisville software company just two months after it was acquired by a private equity firm.
In addition to replacing Wiehe with Robert Bonavito, a veteran executive who is new to SciQuest, the company also has named a new chief marketing officer and a new chief technology officer, said Steve Lundin. Lundin started this week as the company’s new CMO.
SciQuest announced Friday that Wiehe “stepped down” from the top job, without providing any additional details. Lundin referred questions regarding his departure to Wiehe.
Wiehe couldn’t be reached for comment. But SciQuest’s announcement did include a statement from Wiehe praising his successor, Bonavito, as “the right person to continue our forward growth and momentum.”
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SciQuest described Bonavito, who is new to SciQuest, as “a 30-year technology, procurement and supply chain veteran.”
Most recently Bonavito was chairman of On Center Software, a construction software company based in Texas. He also was the founder and CEO of iTradeNetwork, a California-based supply chain software company that caters to the food industry.
Bonavito couldn’t be reached for additional comment. He said in a statement that SciQuest plans to expand into new markets and boost its market share in existing markets, and that the company is well-positioned to move “to the next level.”
“We’ll be adding to our suite of solutions and aggressively pursuing the commercial, food and beverage and manufacturing sectors,” he said.
SciQuest’s procurement technology enables customers to buy goods and services online more efficiently. Its more than 550 customers include Kimberly-Clark, Starbucks, Sunoco, Toshiba and the U.S. Air Force.
Last year SciQuest generated $105.4 million in revenue.
SciQuest transitioned from a publicly traded company to a privately owned business in July when private equity firm Accel-KKR completed its $509 million acquisition of the business.
When the deal was announced at the end of May, SciQuest had 327 employees in Morrisville and 510 overall.
Wiehe had been SciQuest’s top executive since 2001. The company was publicly traded at the time – it had gone public two years earlier amidst the euphoria over dot-com companies – but went private when it was acquired by a California investment firm in 2004 after the stock market tanked. SciQuest went public a second time in 2010.
According to a proxy statement SciQuest filed earlier this year, Wiehe is entitled to collect a $1.1 million cash severance, $1.6 million in vested shares of stock and $18,331 in health benefits if he was terminated without “cause” within 24 months of a change in ownership. He also is entitled to those payments if he departed with “good reason.”
Lundin referred questions about whether the circumstances of the former CEO’s departure would qualify him for those payments to Wiehe.