- Push-out Score suggests push-out forces
- After less than four years in the position
- Accolades, praise and thanks for Bermingham
- John Leonard taking over
- Bermingham spoke at length and said 86 words
(exechange) — Cambridge, Massachusetts, December 18, 2017 — Nessan Bermingham, chief executive of Intellia, leaves. It is a change at short notice. As announced by Intellia Therapeutics, Inc. in a news release and in a regulatory filing published on Monday, December 18, 2017, Nessan Bermingham leaves his post as Chief Executive Officer at the genome editing company after less than four years in the position, effective December 31, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange.
Bermingham’s duties will be taken over by John Leonard, currently Executive Vice President of Research & Development at Intellia Therapeutics, Inc.
“Dr. Leonard should lead the Company as it progresses toward clinical development”
Bermingham’s imminent departure from the CEO post is explained as follows. Intellia said: “In recognition of the company’s growth and expanding pipeline, the Board of Directors and Dr. Bermingham agreed that Dr. Leonard should lead the Company as it progresses toward clinical development, given his experience in successfully developing biopharmaceutical products and leading large scientific organizations.”
Precise information about Bermingham’s future plans was not immediately available.
Intellia said: “Dr. Leonard succeeds Nessan Bermingham, Ph.D., Intellia’s founding President and CEO, who is returning to the venture capital industry.”
Intellia further said: “Dr. Leonard replaces Nessan Bermingham, Ph.D., as President and Chief Executive Officer of the Company. Dr. Bermingham resigned from this position and as a member of the Board of Directors effective as of December 31, 2017.”
Share price decline
The change follows a decline in the share price of Intellia Therapeutics, Inc. since November 2017.
Chaired by Perry Karsen
Intellia Therapeutics, Inc. is chaired by Perry Karsen.
In the position of CEO since 2014
Nessan Bermingham has served as the Company’s president, chief executive officer and director since he founded the company in May 2014.
From 2002 to 2007 and since 2012, Bermingham has held various positions at Atlas Venture, an early stage venture capital firm focused on investments in biological and drug discovery technologies, including as venture partner and currently as an advisor.
From 2007 to 2008, he was a partner at Omega Fund Management, a direct secondary healthcare fund, and from 2009 to 2013, he served as the founder and managing partner of Bio Equity Capital LLC, a healthcare focused special situations firm.
Bermingham was the founding Chief Executive Officer of Tal Medical, a clinical stage medical device company and previously worked at UBS AG.
Bermingham currently serves on the Board of Directors of the Alliance for Regenerative Medicine.
Bermingham received his B.S. from Queen’s University in Belfast, Northern Ireland, a Ph.D. in molecular biology from Imperial College London and was a Howard Hughes Associate Fellow at Baylor College of Medicine.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Nessan Bermingham’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 52.2017 ($).