- Push-out Score suggests push-out forces
- After about four years in the position
- Praise, thanks and good wishes for Gryska
- Search for a successor
(exechange) — Wilmington, Delaware, September 6, 2018 — Dave Gryska, finance chief of Incyte, leaves. As announced by Incyte Corporation in a news release and in a regulatory filing published on Thursday, September 6, 2018, David W. (Dave) Gryska leaves his post as Chief Financial Officer at the biopharmaceutical company after about four years in the role, effective December 31, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.7 years, according to data compiled by exechange.
Incyte will undertake a search for a successor.
No reason given
In the announcement, Incyte did not explicitly explain the reason for Gryska’s move, leaving room for speculation.
Precise information about Gryska’s future plans was not immediately available.
Incyte said: “David Gryska, Executive Vice President and Chief Financial Officer, intends to retire at the end of 2018.”
Incyte further said: “On September 6, 2018, David W. Gryska, Executive Vice President and Chief Financial Officer of Incyte Corporation …, notified the Company of his intention to retire and indicated to the Company that he plans to provide support until the end of 2018 as needed during the transitional period to a new Chief Financial Officer.”
Share price decline
The change follows a decline in the share price of Incyte Corporation since August 2017.
Chaired by Hervé Hoppenot
Incyte Corporation is chaired by Hervé Hoppenot.
Hervé Hoppenot joined Incyte in 2014 as President and Chief Executive Officer and was appointed Chairman of the Board of Directors in 2015.
In the position of CFO since 2014
David W. Gryska has been the Chief Financial Officer and Executive Vice President of Incyte Corporation since October 31, 2014.
David Gryska joined Incyte as Executive Vice President and Chief Financial Officer in October 2014.
Before joining Incyte, Gryska served as Chief Financial Officer at both Celgene Corporation and Scios, Inc.
From 1982 to 1993, Gryska worked at Ernst &Young, LLP.
Gryska is a CPA and earned his MBA from Golden Gate University.
Gryska plans to remain at Incyte until the end of this year and will provide support during the transitional period.
As a general rule, when a top manager announces to step aside with no successor available, it is a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dave Gryska’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 ($).