- Push-out Score suggests push-out forces
- After less than two years in the position
- Dave Zaccardelli taking over
(exechange) — Durham, North Carolina, December 17, 2018 — Alex Sapir, chief executive of Dova, leaves. It is an abrupt change. As announced by Dova Pharmaceuticals Inc. in a news release on Monday, December 17, 2018, Alexander C. (Alex) Sapir has left his post as Chief Executive Officer at the clinical-stage pharmaceutical company after less than two years in the role, effective December 16, 2018.
No company wants a CEO 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 CEOs who departed over the past 12 months was 8.9 years, according to data compiled by exechange. Only 13 percent of the CEOs who departed over the past 12 months left the position within two years, and 22 percent left the position within three years.
Alex Sapir’s move comes 19 months after Paul B. Manning took over as Chairman of Dova Pharmaceuticals, Inc.
Alex Sapir’s duties were taken over by David S. (Dave) Zaccardelli, a former Acting Chief Executive Officer of Cempra Pharmaceuticals, Inc.
The fact that Alex Sapir’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
Alex Sapir’s move is part of a management shake-up also involving the position of Chief Commercial Officer.
“Accelerate the ongoing launch of DOPTELET”
A reason for Alex Sapir’s sudden departure from the CEO post was not explicitly given. Paul B. Manning, Chairman of Dova, said: “We are very pleased to have both Dr. David Zaccardelli and Jason Hoitt join Dova, as they are highly experienced leaders with the expertise to accelerate the ongoing launch of DOPTELET, prepare for the potential launch in chronic immune thrombocytopenia (ITP), and oversee the clinical development of the chemotherapy-induced thrombocytopenia indication.”
Precise information about Alex Sapir’s future plans was not immediately available.
“Is no longer President and Chief Executive Officer of the company”
Dova said: “Alex Sapir, the company’s prior President and Chief Executive Officer, is no longer President and Chief Executive Officer of the company, effective as of December 16, 2018.”
Share price decline
The change follows a decline in Dova Pharmaceuticals, Inc.’s share price of 57 percent since June 2018.
Chaired by Paul B. Manning
Dova Pharmaceuticals, Inc. is chaired by Paul B. Manning.
Manning has served as the Chairman of the Company’s board of directors since June 2017 and as a member of the Company’s board of directors since September 2016.
In the position of CEO since 2017
Sapir has served as the Company’s President and Chief Executive Officer since January 2017.
From January 2006 to May 2016, Sapir served as Executive Vice President, Marketing and Sales for United Therapeutics Corporation, a biotechnology company focused on the development and commercialization of unique products to address the unmet medical needs of patients with chronic and life-threatening conditions.
Prior to his time at United Therapeutics Corporation, from January 2003 to January 2005 Sapir served as Senior Director, Marketing for Guilford Pharmaceuticals.
He began his career at GlaxoSmithKline serving in various commercial roles in the United States and Europe.
Sapir is a routine guest lecturer on the topic of pharmaceutical marketing strategy at Duke University’s Fuqua School of Business.
Sapir holds a B.A. in Economics from Franklin and Marshall College and an M.B.A. from Harvard Business School.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Alex Sapir’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 52.2018 ($).