- Push-out Score determined
- After about six and a half years in the position
- Thanks and good wishes for St. Peter
- Craig Tooman taking over
(exechange) — Leawood, Kansas, January 17, 2019 — Steven St. Peter, chief executive of Aratana, leaves. It is an abrupt change. As announced by Aratana Therapeutics Inc. in a news release on Thursday, January 17, 2019, Steven St. Peter leaves his post as Chief Executive Officer at the pet therapeutics company after about six and a half 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 CEOs who departed over the past 12 months was 8.5 years, according to data compiled by exechange.
Steven St. Peter’s duties will be taken over by Craig A. Tooman, most recently Chief Financial Officer of Aratana Therapeutics, Inc.
No reason given
In the announcement, Aratana did not explicitly explain the obviously compelling reason for Steven St. Peter’s sudden move, leaving room for speculation.
Precise information regarding Steven St. Peter’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without an understandable explanation.
Aratana said: “Effective January 17, 2019, Steven St. Peter, M.D. has resigned from the role of President and Chief Executive Officer and from the Board of Directors of Aratana.”
Share price decline
The management change announcement follows a decline in Aratana Therapeutics, Inc.’s share price of 79 percent since September 2015.
Chaired by Wendy Yarno
Aratana Therapeutics, Inc. is chaired by Wendy Yarno.
In the position of CEO since 2012
Steven St. Peter, M.D. is one of the Company’s founders and has served as the Company’s President and Chief Executive Officer since September 2012.
He has been a member of the Company’s Board of Directors since December 2010 and served as the Chairman of the Company’s Board of Directors from December 2010 to September 2012.
St. Peter was a managing director of MPM Asset Management LLC from January 2004 to May 2012, where he focused his investments on both venture and buyout transactions across the pharmaceuticals and medical technology industries.
He has previous investment experience from Apax Partners and The Carlyle Group, two private equity firms.
St. Peter was previously an assistant clinical professor of medicine at Columbia University.
He received his M.D. from Washington University and completed his residency and fellowship at the Hospital of the University of Pennsylvania.
Prior to his medical training, he was an investment banker at Merrill Lynch.
St. Peter also holds an M.B.A. from the Wharton School of Business at the University of Pennsylvania and a B.A. in Chemistry from the University of Kansas.
St. Peter previously served as a director of PharmAthene, Inc., a publicly-traded biodefense company, from August 2007 through May 2017 as a member of its governance and nominating committee.
St. Peter has also served as a member of the Board of Directors of the Kansas City Area Life Sciences Institute since March 2014 and as a member of the Board of Directors of the Greater Kansas City Foundation since November 2015.
St. Peter’s previous board experience includes MPM Acquisition Corp., Proteon Therapeutics, Inc., Rhythm Pharmaceuticals, Inc. and Syndax Pharmaceuticals, Inc.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Aratana and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2019 ($).