- Push-out Score suggests push-out forces
- After about five years in the position
- Accolades, praise, thanks and good wishes for Johnston
- Mark J. Enyedy taking over in the interim
- Search for a successor
(exechange) — Waltham, Massachusetts, November 26, 2018 — Dave Johnston, finance chief of ImmunoGen, leaves. It is an abrupt change. As announced by ImmunoGen Inc. in a news release and in a regulatory filing published on Monday, November 26, 2018, David B. (Dave) Johnston leaves his post as Chief Financial Officer at the biotechnology company focused on the development of antibody-drug conjugate (ADC) technology to treat cancer after about five 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 6.6 years, according to data compiled by exechange.
ImmunoGen will undertake a search for a successor.
Dave Johnston’s duties will be taken over in the interim by Mark J. Enyedy, currently Chief Executive Officer of ImmunoGen, Inc., as principal financial officer.
David Foster, Vice President of Finance and Chief Accounting Officer, will continue to oversee ImmunoGen’s Finance and Accounting functions.
No reason given
In the announcement, ImmunoGen did not explicitly explain the obviously compelling reason for Dave Johnston’s sudden move, leaving room for speculation.
Precise information about Dave Johnston’s future plans was not immediately available.
ImmunoGen said: “David B. Johnston has stepped down as Chief Financial Officer of the Company, with immediate effect.”
ImmunoGen further said: “On November 26, 2018, Mr. David B. Johnston, Executive Vice President of ImmunoGen, Inc. …, stepped down as our principal financial officer, effective immediately.”
Share price decline
The change follows a decline in ImmunoGen, Inc.’s share price of 53 percent since June 2018.
Chaired by Stephen C. McCluski
ImmunoGen, Inc. is chaired by Stephen C. McCluski.
Stephen C. McCluski has been a director of ImmunoGen since 2007, and has served as the Chairman of the Company’s Board of Directors since 2009.
CEO: Mark Enyedy
Mark Enyedy serves as CEO of ImmunoGen, Inc. Enyedy joined ImmunoGen in 2016 as President and CEO.
In the position of CFO since 2013
David B. Johnston has been Chief Financial Officer and Executive Vice President of ImmunoGen, Inc. since December 30, 2013.
David B. Johnston joined ImmunoGen in 2013, and has served as the Company’s Executive Vice President and Chief Financial Officer since that date.
Prior to joining ImmunoGen, Johnston served as Chief Financial Officer of AVEO Pharmaceuticals, Inc., a biopharmaceutical company, from 2007 to 2013.
Johnston holds a Master of Business Administration from the University of Michigan.
Johnston will remain employed with the Company through the end of 2018 and thereafter will serve as a consultant to provide transitional support.
As a general rule, when a top leader announces to step down with no permanent successor in place, it’s a sign that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dave Johnston’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 49.2018 ($).