PDL BioPharma CEO John McLaughlin leaves at short notice

  • Push-out Score suggests push-out forces
  • After 10 years in the position
  • Praise for McLaughlin
  • Dominique Monnet taking over
  • McLaughlin said 122 words

(exechange) — Incline Village, Nevada, November 6, 2018 — John McLaughlin, chief executive of PDL BioPharma, leaves. It is a change at short notice. As announced by PDL BioPharma Inc. in a news release and in a regulatory filing published on Tuesday, November 6, 2018, John Peter McLaughlin leaves his post as Chief Executive Officer at the biotech company after 10 years in the role, effective December 31, 2018.

It is the end of an era.

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. Only 36 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

John McLaughlin’s duties will be taken over by Dominique P. Monnet, currently President of PDL BioPharma, Inc.

No reason given

In the announcement, PDL BioPharma did not explicitly explain the reason for John McLaughlin’s imminent move, leaving room for speculation.

Precise information about John McLaughlin’s future plans was not immediately available.

“Retire”

PDL BioPharma said: “On November 2, 2018, John McLaughlin informed the Company that he intends to retire as the Company’s Chief Executive Officer as of December 31, 2018, while continuing to serve as a member of the Company’s board of directors … beyond such date.”

Share price decline

The change follows a decline in the share price of PDL BioPharma, Inc. since August 2014.

In the position of CEO since 2008

John P. McLaughlin was first appointed a director of the Company in October 2008.

McLaughlin has been the Company’s Chief Executive Officer since December 18, 2008, when the Company spun-off Facet Biotech Corporation.

From November 6, 2008 until the spin-off, he served as a Senior Advisor to the Company.

He was the Chief Executive Officer and a director of Anesiva, Inc., formerly known as Corgentech, Inc., a publicly-traded biopharmaceutical company, from January 2000 to June 2008.

From December 1997 to September 1999, McLaughlin was President of Tularik Inc., a biopharmaceutical company.

From September 1987 to December 1997, McLaughlin held a number of senior management positions at Genentech, Inc., a biopharmaceutical company, including Executive Vice President and General Counsel.

From January 1985 to September 1987, McLaughlin was a partner at a Washington, D.C. law firm specializing in food and drug law.

Prior to that, McLaughlin served as counsel to various subcommittees of the United States House of Representatives, where he drafted numerous measures that became Food and Drug Administration laws.

McLaughlin co-founded and served as Chairman of the Board of Eyetech Pharmaceuticals, Inc., a publicly-traded biopharmaceutical company subsequently bought by OSI Pharmaceuticals, Inc., co-founded and served as a director of Peak Surgical, Inc., a private medical device company, until it was acquired by Medtronic in 2011, served as a director of AxoGen, Inc., a publicly-traded biopharmaceutical company until 2014, served as a director of Adverum Biotechnologies, Inc., a publicly-traded biopharmaceutical company, until 2016 and served as a director of Seattle Genetics, Inc., a publicly-traded biopharmaceutical company, until 2016.

He received a B.A. from the University of Notre Dame and a J.D. from Catholic University of America.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered John McLaughlin’s imminent 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 46.2018 ($).