- Push-out Score suggests push-out forces
- After less than four years in the position
- Praise and thanks for Aselage
- Search for a successor
- Aselage spoke at length and said 87 words
(exechange) — San Diego, California, July 26, 2018 — Steve Aselage, chief executive of Retrophin, leaves. As announced by Retrophin, Inc. in a news release and in a regulatory filing published on Thursday, July 26, 2018, Stephen J. (Steve) Aselage leaves his post as Chief Executive Officer at the biopharmaceutical company after less than four years in the role.
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.
Aselage will remain in his role as CEO until his replacement is appointed.
Retrophin will undertake a search for a successor.
“Now is the appropriate time”
Aselage’s departure from the CEO post is explained as follows. Aselage said: “Given the collective progress our organization has made over the past several years, I am confident that now is the appropriate time to begin transitioning the company to a new leader who can build upon our success and guide Retrophin for the years ahead.”
Precise information about Aselage’s future plans was not immediately available.
Retrophin said: “Stephen Aselage plans to retire as the Company’s Chief Executive Officer.”
Retrophin further said: “Stephen Aselage, the Company’s current Chief Executive Officer, plans to retire, with the effective date of his retirement to be determined once a successor Chief Executive Officer is identified.”
Share price rise since March 2016
The change follows a rise in the share price of Retrophin, Inc. since March 2016.
Chaired by Gary Lyons
Retrophin, Inc. is chaired by Gary Lyons.
Lyons has been a member of the Board of Directors of Retrophin, Inc. since 2014 and assumed the role of Chairman in May of 2016.
In the position of CEO since 2014
Aselage has been Chief Executive Officer (CEO) since November 2014 and a member of the Board of Directors of Retrophin, Inc. since 2012.
During his tenure as CEO, Aselage has drawn upon more than 30 years of biopharmaceutical experience to lead the transformation of Retrophin.
Following his appointment, Aselage solidified the Company’s leadership, led an operational review of pipeline and commercial assets, and built a growth strategy around investigational and commercial therapies to bring long-term value to patients and shareholders.
Prior to his appointment, Aselage was Executive Vice President and Chief Business Officer of BioMarin Pharmaceutical Inc.
During his seven years with BioMarin, Aselage built the commercial and medical affairs functions that launched three commercial products and developed commercial businesses in more than 45 countries.
Aselage has also held leadership roles with Cell Therapeutics, Sangstat Medical Corporation, Advanced Tissue Sciences and Genentech.
Aselage worked briefly for Genzyme, as well, assisting in the transition following its acquisition of Sangstat, and earlier in his career, held a variety of sales and sales management positions at companies including Rhone-Poulenc Rorer Pharmaceuticals (now Sanofi ) and Bristol Laboratories.
Aselage is a member of the Board of Directors for Acer Therapeutics and Patara Pharma.
Aselage received his B.S. in Biology from the University of Notre Dame, and currently serves on the Advisory Council for the Department of Science at Notre Dame.
Generally speaking, when a top manager announces to step aside with no successor available, 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 Aselage’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 31.2018 ($).