- Push-out Score suggests push-out forces
- After around 14 years in the position
- Praise and thanks for Meanwell
- Mark Timney taking over
- Meanwell will remain as Chief Innovation Officer at Medicines Company
- Meanwell kept it short and said 19 words
(exechange) — Parsippany, New Jersey, December 11, 2018 — Clive Meanwell, chief executive of Medicines Company, leaves the position. It is an abrupt change. As announced by Medicines Co. in a news release on Tuesday, December 11, 2018, Clive A. Meanwell leaves his post as Chief Executive Officer at the biopharmaceutical company after around 14 years in the role, effective immediately.
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 8.9 years, according to data compiled by exechange. Only 35 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Clive Meanwell’s move comes six months after Alexander Denner took over as Chairman of The Medicines Company.
Clive Meanwell’s duties will be taken over by Mark Timney, a former Chief Executive Officer of Purdue Pharmaceuticals.
The fact that Clive Meanwell’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Execution will be critical”
A reason for Clive Meanwell’s sudden departure from the CEO post was not explicitly given. Mark Timney said: “Execution will be critical as we explore all of our options to maximize the potential of inclisiran.”
Meanwell will remain as Chief Innovation Officer at Medicines Company
“Mr. Timney will succeed Clive Meanwell, M.D., Ph.D., who has been appointed by the Board to serve as Chief Innovation Officer,” Medicines Company said.
In the newly-created role of Chief Innovation Officer, Meanwell will support the Company’s efforts to complete the development of inclisiran.
Share price decline
The change follows a decline in The Medicines Company’s share price of 49 percent since August 2018.
Chaired by Alexander Denner
The Medicines Company is chaired by Alexander Denner.
Alexander J. Denner, Ph.D., has been a director since February 2016 and chairman since June 2018. Denner is the founding partner and the chief investment officer of Sarissa Capital Management LP, a registered investment advisor, which he founded in 2012. Sarissa Capital focuses on improving the strategies of companies to better enhance shareholder value.
In the position of CEO since 2004
Clive A. Meanwell has been the Chief Executive Officer of The Medicines Company since August 2004.
Clive Meanwell is a founder and has been a director since 1996.
He has served as the Company’s chief executive officer since February 2012, the Company’s chief executive officer and president from October 2009 to February 2012, the Company’s chief executive officer from August 2004 to October 2009, as the Company’s president from August 2004 to December 2004, the Company’s executive chairman from September 2001 to August 2004 and the Company’s chief executive officer and president from 1996 to September 2001.
Meanwell was also chairman of the Company’s board from September 2001 to August 2015.
Meanwell is the vice chairman of BB Biotech, a Swiss investment corporation.
From 1995 to 1996, Meanwell was a partner and managing director at MPM Capital, L.P., a venture capital firm.
From 1986 to 1995, Meanwell held various positions at Hoffmann-La Roche, Inc., a pharmaceutical company, including senior vice president from 1992 to 1995, vice president from 1991 to 1992 and director of product development from 1986 to 1991.
Meanwell received an M.D. (M.B. Ch.B.) and a Ph.D. (M.D.) from the University of Birmingham, United Kingdom.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Clive Meanwell’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 51.2018 ($).