- Push-out Score suggests push-out forces
- After about two years in the position
- Accolades, praise and thanks for Shea
- Simon Harford taking over
(exechange) — Boston, Massachusetts, October 10, 2018 — Tom Shea, finance chief of Albireo, leaves. It is an abrupt change. As announced by Albireo Pharma, Inc. in a news release and in a regulatory filing published on Wednesday, October 10, 2018, Thomas A. (Tom) Shea has left his post as Chief Financial Officer at the clinical-stage biopharmaceutical company after about two years in the role, effective October 9, 2018.
No company wants a CFO to flame out in the first years.
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 6.8 years, according to data compiled by exechange. Only 24 percent of the CFOs who departed over the past 12 months left the position within three years.
Shea’s duties will be taken over by Simon N.R. Harford, most recently Chief Financial Officer of Parexel International Corporation.
“Strengthening our leadership team”
A reason for Shea’s sudden departure from the CFO post was not explicitly given. Ron Cooper, President and Chief Executive Officer of Albireo, said: “As Albireo moves toward commercialization, we are evolving and strengthening our leadership team.”
Precise information about Shea’s future plans was not immediately available.
Albireo said: “Harford will succeed Tom Shea, who is stepping down from the role.”
Albireo further said: “On October 4, 2018, Thomas A. Shea stepped down from his positions as Chief Financial Officer and Treasurer of Albireo Pharma, Inc. …, effective October 9, 2018.”
Share price decline
The change follows a decline in the share price of Albireo Pharma, Inc. since March 2014.
Chaired by David Chiswell
Albireo Pharma, Inc. is chaired by David Chiswell.
CEO: Ron Cooper
Ron Cooper serves as CEO of Albireo Pharma, Inc. Ronald H. W. Cooper has been the Chief Executive Officer and President of Albireo Pharma Inc. since July 2015.
In the position of CFO since 2016
Tom Shea joined Albireo in July 2016 as Chief Financial Officer.
Previously, he served as Executive Vice President and Chief Financial Officer of Epirus Biopharmaceuticals, a multinational biosimilar company.
Prior to Epirus, Shea served as the Chief Financial Officer of multiple biopharmaceutical companies, including Tolerx and sister companies Euthymics, Neurovance, and EBI Life Sciences.
Formerly, he was Chief Financial Officer at Cubist Pharmaceuticals (acquired by Merck) where he was one of its initial employees and served for 10 years, playing a leadership role in Cubist’s successful initial public offering.
At the time of Shea’s appointment as Chief Financial Officer at Albireo, Ron Cooper had said: “We are delighted to welcome Tom to the Albireo team at this important juncture for the company. Tom’s extensive financial and management experience will make him a key leader as we transition Albireo into a new stage of growth.”
At the time of his appointment as Chief Financial Officer at Albireo, Shea had said: “I am very pleased to join Albireo, as it is doing important work in the pediatric rare disease space. I look forward to helping to take the company to the next level.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tom Shea’s sudden 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 42.2018 ($).