Kadmon CFO Konstantin Poukalov leaves abruptly

  • Push-out Score suggests push-out forces
  • After about four years in the position
  • Praise, thanks and good wishes for Poukalov
  • Search for a successor

(exechange) — New York, October 24, 2018 — Konstantin Poukalov, finance chief of Kadmon, leaves. It is an abrupt change. As announced by Kadmon Holdings, Inc. in a news release and in a regulatory filing published on Wednesday, October 24, 2018, Konstantin Poukalov leaves his post as Chief Financial Officer at the biopharmaceutical company after about four years in the role, effective immediately.

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.

Kadmon will undertake a search for a successor.

No reason given

In the announcement, Kadmon did not explicitly explain the obviously compelling reason for Konstantin Poukalov’s sudden move, leaving room for speculation.

Precise information about Konstantin Poukalov’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the post abruptly and without a reasonable explanation.

“Step down”

Kadmon said: “Konstantin Poukalov has notified the company of his intent to step down as Executive Vice President, Chief Financial Officer (CFO) and Principal Accounting Officer (PAO), effective immediately.”

“Not related to any issues”

“Kadmon noted that Mr. Poukalov’s decision to resign was not related to any issues regarding the Company’s financial statements or accounting practices,” Kadmon said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Share price decline

The change follows a decline in the share price of Kadmon Holdings, Inc. since August 2016.

Chaired by Bart M. Schwartz

Kadmon Holdings, Inc. is chaired by Bart M. Schwartz.

Schwartz has served as the chairman of the Company’s board of directors since 2015. Since 2010, Schwartz has served as Chairman and Chief Executive Officer of SolutionPoint International, Inc., the parent company of Guidepost Solutions, LLC, a global investigation, security consulting, compliance and monitoring firm where he also serves as Chairman.

CEO: Harlan W. Waksal

Harlan W. Waksal serves as CEO of Kadmon Holdings, Inc. Waksal has been the Company’s President and Chief Executive Officer since August 2014 and was elected to the Company’s board of directors in 2013.

In the position of CFO since 2014

Konstantin Poukalov has been the Chief Financial Officer and Executive Vice President of Kadmon Holdings, Inc. since 2014 and served as its Principal Accounting Officer since June 1, 2018.

From 2012 to 2014, Poukalov served as the Company’s Vice President, Strategic Operations.

Prior to joining Kadmon, Poukalov was a member of the healthcare investment banking group at Jefferies LLC from 2009 to 2012, focusing on companies across the life sciences and biotechnology sectors.

Prior to Jefferies, Poukalov was a member of UBS Investment Bank, focusing on the healthcare industry, from 2006 to 2009.

Poukalov serves on the advisory board of Pencils of Promise, a non-profit organization that aims to increase access to quality education in the developing world.

Poukalov received his bachelor’s degree in electrical engineering from Stony Brook University.


Generally speaking, when a top manager announces to step down with no successor in place, it is 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 Konstantin Poukalov’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 44.2018 ($).