Advanced Cell Technologies announced the sudden death of the company's CEO William Caldwell on Tuesday, a tragic event for the Caldwell family for the loss of a loved one, but also a tragic event for ACT as the company had just made history by becoming only the second to be approved to conduct a trial using embryonic stem cell technology.
However tragic Mr. Caldwell's death may be, I believe that in situations like this one, it's worth celbrating the life lived and impact made, and it's suiting that Mr. Caldwell was there just long enough to see his company take it to the next level.
Gary Rabin, a member of ACT's board since 2007, has been named interim CEO until a permanent replacement is found.
While the ACTC share price has slipped after posting huge gains in quick fashion, the future of Advanced Cell Technologies is poised to be a bright one. That's a good legacy left behind by Mr. Caldwell.
Disclosure: Long ACTC.
