Fortrea appoints Anshul Thakral as new CEO effective August 4

DURHAM, N.C. - Fortrea Holdings Inc (NASDAQ:FTRE), a contract research organization with annual revenue of $2.69 billion, announced Wednesday the appointment of Anshul Thakral as its new Chief Executive Officer, effective August 4, 2025. According to InvestingPro data, the company currently trades near its Fair Value, with 8 analysts recently revising their earnings expectations upward.

Thakral, who will also join the company’s board of directors, succeeds Interim CEO Peter M. Neupert, who will continue as chairman of the board. The incoming CEO co-founded and led Launch Therapeutics and previously served in executive roles at PPD, including chief commercial officer.

"Anshul is an exceptional leader with extensive life sciences experience, deep familiarity with the CRO industry, a commitment to innovation and a proven record of building companies and growing revenue," said Neupert in a statement.

The new appointment comes as Fortrea focuses on executing its transformation plan and driving profitable growth. While not profitable over the last twelve months, InvestingPro analysis indicates that analysts expect the company to achieve profitability this year. Thakral brings over 20 years of experience in life sciences as an executive, commercial leader, advisor, and entrepreneur.

"I share the team’s passion for customers and the patients they serve, and I’m honored to take the reins at this pivotal moment," Thakral stated.

Prior to his role at Launch Therapeutics, Thakral led PPD Biotech and held positions at Gerson Lehrman Group and McKinsey & Company. He currently serves on the boards of TriNetX, Saama Technologies, and Orsini Specialty Pharmacy.

Fortrea provides clinical trial management and consulting services across approximately 100 countries, supporting biopharmaceutical, biotechnology, medical device, and diagnostic companies.

The information in this article is based on a press release from Fortrea Holdings Inc.

In other recent news, Fortrea Holdings Inc. reported its first-quarter 2025 earnings, which fell short of analysts’ expectations. The company posted an earnings per share (EPS) of $0.02, significantly below the forecast of $0.41, and revenue of $651.3 million, missing the expected $821 million. Despite these challenges, Fortrea reaffirmed its 2025 revenue guidance of $2.45 to $2.55 billion and adjusted EBITDA guidance of $170 to $200 million. S&P Global Ratings downgraded Fortrea to ’B-’ from ’B+’ due to weak credit metrics, though the outlook remains stable. The downgrade reflects concerns over Fortrea’s high leverage and negative cash flow, despite expectations for improved EBITDA and margins in the coming years. Additionally, Mizuho adjusted its financial outlook for Fortrea, lowering the company’s price target from $10.00 to $8.00 while maintaining a Neutral rating. This decision came after Fortrea’s first-quarter earnings report, which, although surpassing earnings expectations, revealed weaker-than-anticipated booking trends. The company also announced a leadership change, with CEO Thomas Pike stepping down and Peter Neupert assuming the role of interim CEO.

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