- Push-out Score suggests push-out forces
- After about five years in the position
- Praise and thanks for Miller
- Carsten Thiel taking over
- Miller will remain as Chief Scientific Officer at Abeona
- Miller spoke at length and said 74 words
(exechange) — New York and Cleveland, Ohio, April 2, 2018 — Tim Miller, chief executive of Abeona, leaves the position. As announced by Abeona Therapeutics Inc. in a news release on Monday, April 2, 2018, Timothy J. (Tim) Miller leaves his post as Chief Executive Officer at the clinical-stage biopharmaceutical company after about five 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 9.4 years, according to data compiled by exechange.
The exact date of Miller’s departure was not given in the announcement. Obviously, it was an abrupt change.
Miller’s duties will be taken over by Carsten Thiel, most recently Chief Commercial Officer of Alexion Pharmaceuticals, Inc.
The fact that Miller’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
Abeona has already removed the name of Miller as Chief Executive Officer from the leadership page and lists Thiel as Chief Executive Officer.
“Carsten Thiel brings a unique combination of extensive experience in research and global rare disease commercialization to Abeona”
A reason for Miller’s departure from the CEO post was not explicitly given. Steven Rouhandeh, Executive Chairman of Abeona, said: “As CEO, Carsten Thiel brings a unique combination of extensive experience in research and global rare disease commercialization to Abeona.”
Miller will remain as Chief Scientific Officer at Abeona
“Timothy J. Miller, Ph.D., will remain President and assume the position of Chief Scientific Officer in charge of the company`s expanding clinical and preclinical research programs,” Abeona said.
Share price decline
The change follows a decline in the share price of Abeona Therapeutics Inc. since March 2014.
Chaired by Steven Rouhandeh
Abeona Therapeutics Inc. is chaired by Steven Rouhandeh.
Steven H. Rouhandeh became the Company’s Executive Chairman, Principal Executive Officer, on January 1, 2015. Rouhandeh has been a director and Chairman of the Board since March 4, 2008.
In the position of CEO since 2013
Timothy J. Miller became the Company’s President and Chief Executive Officer and Director on May 15, 2015.
Miller was President & CEO of Abeona Therapeutics LLC from 2013 to 2015.
He has 17 years of scientific research, product development, regulatory and clinical operations expertise, with a focus on transitioning novel biotherapeutics through pre-clinical phases and into Phase 1 and 2 human clinical trials.
Miller was President & CEO of Red5 Pharmaceuticals from 2013 until 2015 and was Vice President, Business Development of BioEnterprise Inc. in 2015.
He was Senior Director of Product Development at SironRX Therapeutics from 2010 to 2013.
Between 1996 and 2010 Miller held various positions at several companies focusing on gene therapy and regenerative medicine.
Miller earned his PhD in Pharmacology with a focus on Gene therapy/Cystic Fibrosis from Case Western University.
He also holds a B.S. in Biology and M.S. in Molecular Biology from John Carroll University (Cleveland, OH).
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tim Miller’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 15.2018 ($).