- Push-out Score suggests push-out forces
- After 16 years in the position
- Accolades, praise, thanks and good wishes for Sherwood
- Joe Darling taking over
(exechange) — Bedford, Massachusetts, March 5, 2018 — Chuck Sherwood, chief executive of Anika Therapeutics, leaves. It is a change at short notice. As announced by Anika Therapeutics, Inc. in a news release on Monday, March 5, 2018, Charles H. (Chuck) Sherwood leaves his post as Chief Executive Officer at the orthopedic medicines company after 16 years in the position, effective March 9, 2018.
It is the end of an era.
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 9.2 years, according to data compiled by exechange. Only 16 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
Sherwood’s duties will be taken over by Joseph G. (Joe) Darling, currently President of Anika Therapeutics, Inc.
“Anika’s evolution to a new and exciting phase of direct commercial activity”
A reason for Sherwood’s imminent departure from the CEO post was not explicitly given. Joseph Bower, Chairman of Anika’s Board of Directors, said: “Among the most important responsibilities of a CEO is preparing for succession. That process began almost two years ago with discussions between Chuck Sherwood and the Board followed by an extensive search. The handing of the CEO mantle to Joe Darling reflects Anika’s evolution to a new and exciting phase of direct commercial activity, driven by a series of novel technologies that can both disrupt and expand the growing need for non-opioid joint pain solutions and more effective orthopedic regenerative healing technologies.”
Precise information about Sherwood’s future plans was not immediately available.
Anika Therapeutics said that Charles Sherwood “will retire as Chief Executive Officer and a director of Anika on March 9, 2018, after almost 20 years of service.”
Share price rise since September 2015
The change follows a rise in the share price of Anika Therapeutics, Inc. since September 2015.
Chaired by Joseph L. Bower
Anika Therapeutics, Inc. is chaired by Joseph L. Bower.
Bower joined the Board of Directors of Anika Therapeutics in February 1993 and has served as lead director since April 2005.
In the position of CEO since 2002
Charles H. Sherwood, Ph.D., was appointed Chief Executive Officer of Anika Therapeutics in March 2002, and simultaneously became a member of the Board of Directors.
Sherwood has served as President since June 2001.
Sherwood previously served as Anika Therapeutics’ Chief Operating Officer beginning in June 2001, Vice President of Research and Development beginning in April 2000, and Vice President of Process Development and Engineering beginning in April 1998.
Sherwood served as a consultant to Anika Therapeutics from January 1998 to April 1998.
From 1995 to 1997, Sherwood was Senior Director of Medical Device Research and Development for Chiron Vision.
In April 1995, Chiron Vision acquired IOLAB Corporation, a division of Johnson & Johnson where Sherwood had been Executive Director of Research and Development from 1993 to 1995, Director of Materials Characterization from 1989 to 1993, and Manager/Section Head from 1982 to 1989.
Sherwood was also a part-time faculty member in the Department of Chemistry at the California State Polytechnic University, Pomona, California from 1984 to 1987.
Sherwood received a B.S. in Chemical Engineering from Cornell University, and an M.S. and Ph.D. in Polymer Science and Engineering from the University of Massachusetts, Amherst.
Sherwood also received a Certificate in Management from Claremont Graduate School.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Chuck Sherwood’s imminent 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 11.2018 ($).