Synergy CEO Gary Jacob leaves post abruptly

  • Push-out Score suggests push-out forces
  • After around nine years in the position
  • Accolades, praise and thanks for Jacob
  • Troy Hamilton taking over
  • Jacob will remain as Executive Chairman at Synergy
  • Jacob spoke at length and said 133 words

(exechange) — New York, December 19, 2017 — Gary Jacob, chief executive of Synergy, leaves the position. It is an abrupt change. As announced by Synergy Pharmaceuticals Inc. in a news release and in a regulatory filing published on Tuesday, December 19, 2017, Gary S. Jacob has already left his post as Chief Executive Officer at the biopharmaceutical company after around nine years in the position, effective December 13, 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.

Jacob’s duties will be taken over by Troy Hamilton, most recently Chief Commercial Officer at Synergy Pharmaceuticals Inc.

The move is a generational change as well. Troy Hamilton is about 25 years younger than Gary Jacob.

“He is the right person to lead the company to its next phase of growth and success”

A reason for Jacob’s sudden departure from the CEO post was not explicitly given. Jacob said: “Troy was a natural choice for this role and the Board and I are confident that he is the right person to lead the company to its next phase of growth and success.”

Jacob will remain as Executive Chairman at Synergy

“Gary S. Jacob, Ph.D., previously President, CEO and Chairman, has assumed the position of Executive Chairman of the Board of Directors,” Synergy said.

Synergy further said: “On December 13, 2017,  Synergy Pharmaceuticals Inc. … appointed Troy Hamilton, the Company’s former Executive Vice President, Chief Commercial Officer, as Chief Executive Officer.”

Share price decline

The change follows a sharp decline in the share price of Synergy Pharmaceuticals Inc. since January 2017.

In the position of CEO since 2008

Gary S. Jacob, Ph.D. has served as the Company’s President, Chief Executive Officer and a Director since July 2008 and as Chairman since September 2013.

Since May 2013, Jacob has also been serving as Chairman of the Company’s previously wholly-owned subsidiary, ContraVir Pharmaceuticals, Inc., a biopharmaceutical drug development company and was Chief Executive Officer of ContraVir from May 2013 until March 2014.

Jacob served as Chief Executive Officer of Callisto Pharmaceuticals, Inc. from May 2003 until January 2013 and a director from October 2004 until January 2013.

Jacob currently serves as a director of Trovagene, Inc., a precision cancer monitoring company. Jacob has over twenty-five years of experience in the pharmaceutical and biotechnology industries across multiple disciplines including research & development, operations and business development.

Prior to 1999, Jacob served as a Monsanto Science Fellow, specializing in the field of glycobiology, and from 1997 to 1998 was Director of Functional Genomics, Corporate Science & Technology, at Monsanto Company.

Jacob also served from 1990 to 1997 as Director of Glycobiology at G.D. Searle Pharmaceuticals Inc.

During the period of 1986 to 1990, he was Manager of the G.D. Searle Glycobiology Group at Oxford University, England.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Gary Jacob’s sudden 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 ($).