Change at the top at Covectra as CEO Steve Wood steps down

Steve Wood, the co-founder and long-serving chief executive of US track-and-trace specialist Covectra, is stepping down from his current role but will remain a board member and senior advisor to the company.

Wood (pictured right) will be replaced by Gary Miloscia, who has served as chief financial officer and chief marketing officer since 2015, responsible for strategic business, financial planning, marketing, and product development initiatives.

Covectra was founded in 2008 to provide serialisation and track-and-trace services to combat drug abuse and diversion and counterfeiting in the pharmaceutical industry – under the AuthentiTrack banner – and has since extended its range to include ControlTrack for monitoring drug compliance and its StellaGuard security label for smartphone tracking and authentication.

Co-founder David Bear thanked Wood for his "14 years of distinguished service," saying he had been "an integral part of the company's growth and success."

He added: "Under his leadership, Covectra pioneered unit dose serialisation and developed an impressive array of serialisation hardware and software systems used by leading pharmaceutical manufacturers, label converters and other brand owners. 

"Steve's creativity helped develop a patent in authentication which is the foundation for StellaGuard, our new smart security label. His leadership and dedication have well positioned Covectra to be successful moving forward."