- Push-out Score suggests push-out forces
- After about five years in the position
- Praise and thanks for Deshpande
- Joe Truitt taking over
- Deshpande said 61 words
(exechange) — New Haven, Connecticut, May 2, 2018 — Milind Deshpande, chief executive of Achillion, leaves. As announced by Achillion Pharmaceuticals, Inc. in a news release on Wednesday, May 2, 2018, Milind S. Deshpande leaves his post as Chief Executive Officer at the 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 9.8 years, according to data compiled by exechange.
The exact date of Deshpande’s departure was not given in the announcement. Obviously, it was an abrupt change.
Deshpande’s duties will be taken over by Joseph (Joe) Truitt, most recently President and Chief Operating Officer of Achillion Pharmaceuticals, Inc.
Achillion has already removed the name of Deshpande as Chief Executive Officer from the leadership page and lists Truitt as President and Chief Executive Officer.
“He has the experience of successfully navigating many of the challenges that come with launching a rare disease drug”
A reason for Deshpande’s departure from the CEO post was not explicitly given. David Scheer, Chairman of the Achillion Board of Directors, said: “We are very pleased that Joe has stepped up to lead Achillion through its next stage of growth, and that he has the experience of successfully navigating many of the challenges that come with launching a rare disease drug.”
Precise information about Deshpande’s future plans was not immediately available.
Achillion said: “Milind S. Deshpande, Ph.D. will be stepping down from his role as Chief Executive Officer and resigning from the Board of Directors, and is expected to provide continued guidance and scientific support under a consulting agreement.”
Share price decline
The change follows a decline in the share price of Achillion Pharmaceuticals, Inc. since January 2015.
Chaired by David I. Scheer
Achillion Pharmaceuticals, Inc. is chaired by David I. Scheer.
David Scheer was involved in the founding of Achillion and currently serves as its Chairman of the Board, Chair of the Nominating and Corporate Governance Committee and member of the Compensation Committee and the Strategy and Corporate Development Committee.
In the position of CEO since 2013
Deshpande joined Achillion in September 2001 as Vice President of Chemistry, was named Head of Drug Discovery in April 2002, Senior Vice President of Drug Discovery in December 2002, Senior Vice President and Chief Scientific Officer in December 2004, and Executive Vice President of Research and Chief Scientific Officer in June 2007.
He was promoted to President of Research and Development in October 2010.
In May 2013, Deshpande was appointed President and Chief Executive Officer of Achillion and joined the Board of Directors.
Prior to joining Achillion, Deshpande was Associate Director of Lead Discovery and Early Discovery Chemistry at the Pharmaceutical Research Institute at Bristol-Myers Squibb from 1991 to 2001, where he managed the identification of new clinical candidates to treat infectious and neurological diseases.
From 1988 to 1991, he held a faculty position at Boston University Medical School.
Deshpande received his PhD in Organic Chemistry from Ohio University, following his undergraduate education in India.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Milind Deshpande’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 19.2018 ($).