- Push-out Score suggests push-out forces
- After almost 15 years in the position
- Praise, thanks and good wishes for King
- Roger Lias taking over
(exechange) — Tustin, California, December 26, 2017 — This news came the day after Christmas Day. Steve King, chief executive of Peregrine, leaves. As announced by Peregrine Pharmaceuticals, Inc. in a news release on Tuesday, December 26, 2017, Steven W. (Steve) King leaves his post as chief executive officer at the biopharmaceutical company after almost 15 years in the position.
It is the end of an era.
King’s move comes shortly after Joseph Carleone took over as Chairman of Peregrine Pharmaceuticals, Inc.
The exact date of King’s departure was not specified in the announcement.
King’s duties will be taken over by Roger Lias, most recently president at Avid Bioservices, Peregrine’s wholly-owned CDMO [contract development and manufacturing organization] subsidiary.
Peregrine Pharmaceuticals, Inc. still listed King as President and CEO on its leadership page.
“To pursue other professional interests”
King’s departure from the CEO post is explained as follows. Peregrine said: “Dr. Lias succeeds Steven W. King, who resigned as president and chief executive officer of Peregrine to pursue other professional interests.”
The phrase “to pursue other professional interests” opens the door to speculation.
Precise information about King’s future plans was not immediately available.
Share price decline
The change follows a decline in the share price of Peregrine Pharmaceuticals, Inc. since March 2014.
Chaired by Joseph Carleone
Peregrine Pharmaceuticals, Inc. is chaired by Joseph Carleone.
Carleone is Chairman of the Board of AMPAC Fine Chemicals LLC, a leading manufacturer of pharmaceutical active ingredients. Prior to this position, Dr. Carleone was President, Chief Executive Officer and director of American Pacific Corporation, a leading custom manufacturer of fine and specialty chemicals and propulsion products.
He has been the Chairman of Peregrine Pharmaceuticals, Inc. since November 27, 2017.
In the position of CEO since 2003
Steven W. King has been the President and Chief Executive Officer of Peregrine Pharmaceuticals, Inc. since March 17, 2003.
Steven W. King has served as the Company’s President and Chief Executive Officer since March 2003 and was a member of the Board of Directors from October 2003 to November 2017.
From August 2002 to March 2003, King served as the Company’s Chief Operating Officer and from February 2000 to August 2002 served as the Company’s Vice President of Technology and Product Development.
King joined Peregrine in 1997 as Director of Research and Development.
Additionally, King was responsible for launching the Company’s wholly-owned biomanufacturing subsidiary, Avid Bioservices, Inc., in 2002, for which he served as President until September 2017.
King was previously employed at Vascular Targeting Technologies, Inc., which was acquired by Peregrine in 1997. King previously worked at the University of Texas Southwestern Medical Center with Dr. Philip Thorpe, the inventor of the Company’s Phosphatidylserine (PS)-targeting antibody and VTA technology platforms, and is co-inventor on over 40 U.S. and foreign patents and patent applications in the Vascular Targeting Agent field.
King received his Bachelor’s and Master’s degrees from Texas Tech University in Cell and Molecular Biology.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Steve King’s 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 1.2018 ($).