- Push-out Score suggests push-out forces
- After almost 10 years in the position
- Accolades, praise and thanks for Schenkein
- Jackie Fouse taking over
- Schenkein will remain as executive chairman at Agios Pharmaceuticals
- Schenkein spoke at length and said 144 words
(exechange) — Cambridge, Massachusetts, September 5, 2018 — This news came the day after Labor Day. David Schenkein, chief executive of Agios Pharmaceuticals, leaves his post. His departure is made public at an early stage. As announced by Agios Pharmaceuticals, Inc. in a news release published on Tuesday, September 4, 2018 and in a regulatory filing published on Wednesday, September 5, 2018, David P. Schenkein leaves his post as chief executive officer at the pharmaceutical company focused on developing small-molecule anti-cancer therapeutics after almost 10 years in the role, effective February 1, 2019.
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.
Schenkein’s duties will be taken over by Jacqualyn A. (Jackie) Fouse, a former chief operating officer of Celgene Corporation.
Already a director
Fouse is already a director of Agios Pharmaceuticals. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Fouse understands the expectations and dynamics of the board and has knowledge of Agios Pharmaceuticals’s organization, risk-management practices and strategy.
“The result of a thoughtful succession planning process”
Schenkein’s departure from the CEO post is explained as follows. John Maraganore, Ph.D., chairman of the Agios board of directors, said: “Jackie’s appointment as CEO is the result of a thoughtful succession planning process jointly undertaken by David and the board.”
Schenkein will remain as executive chairman at Agios Pharmaceuticals
“[E]ffective February 1, 2019, David Schenkein, M.D., will transition to the role of executive chairman of the board of directors and serve as a member of the board’s Science & Technology Committee, after a successful decade-long tenure as chief executive officer,” Agios Pharmaceuticals said.
Agios Pharmaceuticals said: “David P. Schenkein, M.D. will resign from the position of President and Chief Executive Officer.”
Share price rise since August 2016
The change follows a rise in the share price of Agios Pharmaceuticals, Inc. since August 2016.
Chaired by John Maraganore
Agios Pharmaceuticals, Inc. is chaired by John Maraganore.
Maraganore has served as a member of the Company’s board of directors since November 2011 and was elected Chairman in August 2016.
In the position of CEO since 2009
David P. Schenkein joined Agios in August 2009 as president, chief executive officer and a member of the Company’s board of directors.
Schenkein has been a hematologist and medical oncologist for more than 20 years.
He currently serves as an adjunct attending physician in hematology at Tufts Medical Center.
Prior to joining Agios, from 2006 to 2009, Schenkein was the senior vice president, clinical hematology/oncology at Genentech, Inc., a pharmaceutical company (now a member of the Roche Group, a global healthcare company), or Genentech, where he was responsible for numerous successful oncology drug approvals and leading the medical and scientific strategies for its bio-oncology portfolio.
While at Genentech, he served as an adjunct clinical professor of medical oncology at Stanford University School of Medicine.
Prior to joining Genentech, he served as the senior vice president of clinical research at Millennium, overseeing the clinical development and worldwide approval of VELCADE®, a first-in-class cancer therapy now approved to treat multiple myeloma and non-Hodgkins lymphoma.
Schenkein currently serves on the board of directors of bluebird bio and Denali Therapeutics Inc., both public biotechnology companies, and was formerly on the board of Foundation Medicine, Inc., a public biotechnology company.
Schenkein holds a B.A. in chemistry from Wesleyan University and an M.D. from the State University of New York Upstate Medical School.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered David Schenkein’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 37.2018 ($).