- Push-out Score suggests push-out forces
- After less than three and a half years in the position
- Praise and thanks for Paul
- Search for a successor
- Paul spoke at length and said 120 words
(exechange) — Cambridge, Massachusetts, January 31, 2018 — Steve Paul, chief executive of Voyager, leaves. As announced by Voyager Therapeutics, Inc. in a news release and in a regulatory filing published on Wednesday, January 31, 2018, Steven (Steve) Paul leaves his post as chief executive officer at the clinical-stage gene therapy company after less than three and a half years in the position.
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 12 months was 9.3 years, according to data compiled by exechange.
Voyager announced plans during 2018 for Steven Paul to transition from president and chief executive officer (CEO) of Voyager Therapeutics to executive science advisor.
Voyager will undertake a search for a successor.
“Our Parkinson’s disease program is nearing its pivotal stage”
A reason for Paul’s departure from the CEO post was not explicitly given. Steven Paul said: “Our Parkinson’s disease program is nearing its pivotal stage with our recent IND clearance for VY-AADC, which has the potential to improve the disabling motor symptoms of a disease that afflicts hundreds of thousands of patients in the advanced stages.”
Chaired by Mark Levin
Voyager Therapeutics, Inc. is chaired by Mark Levin.
Mark Levin is the chairman of Voyager’s board of directors and a partner at Third Rock Ventures.
In the position of CEO since 2014
Steven M. Paul has been the Chief Executive Officer of Voyager Therapeutics, Inc. since September 3, 2014 and has been its President since September 2014.
Paul is a founder of Voyager, having been with the company for six years since its inception, initially as president of R&D, then as president and CEO since September 2014.
In addition to transitioning to an executive science advisor role, in which he will focus on preclinical discovery research and portfolio development, Paul will continue to serve on Voyager’s Board of Directors, and as a member of Voyager’s Science & Technology Committee.
Paul’s 35 years of neuroscience expertise includes an extensive track record in CNS drug discovery and development.
Prior to Voyager, Paul was also a venture partner at Third Rock Ventures where he helped lead the ideation and formation of new companies including Voyager and Sage Therapeutics (NASDAQ: SAGE).
He spent 17 years at Eli Lilly, during which time he held several key leadership roles including President of the Lilly Research Laboratories and was responsible for the company’s overall R&D efforts covering a range of therapeutic areas for both small molecules and biologics.
Paul also served as Scientific Director of the National Institute of Mental Health, has authored or co-authored more than 550 papers and book chapters and was the Founding Director of the Appel Alzheimer’s Disease Research Institute at Weil Cornell Medical College, where he initiated the Institute’s novel adeno-associated virus (AAV) gene therapy program for Alzheimer’s disease.
As a general rule, when a top leader announces to step aside with no successor in place, it’s a signal that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Steve Paul’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 6.2018 ($).