Barry Balfe Set To Take the Helm at ICON plc; Longtime Veteran Steps Up From COO Role

Clinical research organization ICON plc (ICLR) has revealed a significant leadership transition, with long-serving Chief Operating Officer Barry Balfe stepping into the role of Chief Executive Officer effective October 1, 2025. The Board has officially named Balfe to the executive position, while also granting him Board status.

Balfe brings over two decades of experience within ICON’s operations. Since joining the organization in 2003, he has progressively advanced through key positions, initially in the Business Development division before transitioning to lead ICON’s US FSP (Full Service Provider) business in 2007 and subsequently expanding his purview to European FSP operations. His appointment to the executive leadership team came in 2019, followed by roles as President of Functional Services and President of Pharma Solutions. He was elevated to the COO position in January 2025.

The leadership change stems from Steve Cutler’s decision to retire from his position as CEO. Cutler, who has led ICON since March 2017 and previously served as Chief Operating Officer from January 2014, will remain involved in the organization’s affairs. He will maintain a Board seat as a non-executive director, ensuring continuity and a seamless handover to Balfe’s leadership.

This succession reflects the company’s confidence in developing internal talent, with Balfe’s extensive background across ICON’s service divisions positioning him well for the chief executive responsibility. The planned October transition provides adequate time for knowledge transfer and strategic alignment under the outgoing leadership of Steve Cutler.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.