- Push-out Score suggests push-out forces
- After almost 15 years in the position
- Accolades, praise, thanks and good wishes for Heffernan
- Joe Ciaffoni taking over
- Heffernan will remain as Chairman at Collegium
- Heffernan spoke at length and said 84 words
(exechange) — Canton, Massachusetts, June 4, 2018 — Mike Heffernan, chief executive of Collegium, leaves the position. It is a change at short notice. As announced by Collegium Pharmaceutical, Inc. in a news release and in a regulatory filing published on Monday, June 4, 2018, Michael T. (Mike) Heffernan leaves his post as Chief Executive Officer at the specialty pharmaceutical company after almost 15 years in the role, effective June 30, 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 9.4 years, according to data compiled by exechange. Only 38 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Heffernan’s duties will be taken over by Joseph (Joe) Ciaffoni, currently Chief Operating Officer of Collegium Pharmaceutical, Inc.
No reason given
In the announcement, Collegium did not explicitly explain the reason for Heffernan’s imminent move, leaving room for speculation.
Heffernan will remain as Chairman at Collegium
“Mr. Heffernan will continue to serve as Chairman of the Board, and in that capacity, will continue to advise on Collegium’s strategic initiatives following the succession,” Collegium said.
Collegium said: “Mr. Heffernan, who founded Collegium in 2003, will step down as CEO on June 30, 2018.”
Share price rise since October 2017
The change follows a rise in the share price of Collegium Pharmaceutical, Inc. since October 2017.
In the position of CEO since 2003
Heffernan has served as the Company’s President and Chief Executive Officer and as a member of the Company’s board of directors since October 2003.
Heffernan has over twenty-five years of experience in the pharmaceutical and related healthcare industries.
He was previously the Founder, President and Chief Executive Officer of Onset Therapeutics, LLC, a dermatology-focused company that developed and commercialized products for the treatment of skin-related illnesses and was responsible for the spin-off of the business from the Company to create PreCision Dermatology, Inc. which was acquired by Valeant Pharmaceuticals International, Inc.
Heffernan has held prior positions as Co-Founder, President and Chief Executive Officer of Clinical Studies Ltd., a pharmaceutical contract research organization that was sold to PhyMatrix Corp., and as President and Chief Executive Officer of PhyMatrix.
Heffernan started his career at Eli Lilly and Company, where he served in numerous sales and marketing roles.
Heffernan serves on the board of directors of Keryx Biopharmaceuticals, Inc (NASDAQ: KERX) (July 2016 to present) and Veloxis Pharmaceuticals A/S (CPH: VELO) (March 2015 to present), where he is Chairman. Heffernan previously served on the board of directors and as Chairman of Ocata Therapeutics, Inc. (NASDAQ: OCAT), Cornerstone Therapeutics Inc. (now known as Chiesi USA, Inc.) (NASDAQ: CRTX) and several privately held companies.
Heffernan graduated from the University of Connecticut with a B.S. in Pharmacy in 1987 and is a Registered Pharmacist.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Mike Heffernan’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 24.2018 ($).