- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for Cashman
- Search for a successor
- Cashman said 67 words
(exechange) — Radnor, Pennsylvania, February 26, 2019 — Chris Cashman, chief executive of Marinus, leaves. It is a change at short notice. As announced by Marinus Pharmaceuticals Inc. in a news release on Tuesday, February 26, 2019, Christopher M. (Chris) Cashman, chief executive officer, leaves the biopharmaceutical company after about six and a half years in the role, effective March 18, 2019.
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 8.2 years, according to data compiled by exechange.
Marinus will undertake a search for a successor.
Scott Braunstein, M.D., currently a director on the Company’s Board, has been appointed executive chairman.
“To pursue other opportunities in the life science industry”
Chris Cashman’s imminent departure from the CEO post is explained as follows. Marinus said: “[C]hief executive officer, Christopher M. Cashman, will leave the Company to pursue other opportunities in the life science industry effective March 18, 2019.”
The phrase “to pursue other opportunities in the life science industry” opens the door to speculation.
Precise information regarding Chris Cashman’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post at short notice and without comprehensible reasons being given.
Share price decline
The announcement follows a decline in Marinus Pharmaceuticals, Inc.’s share price of 59 percent since September 2018.
In the position of CEO since 2012
Christopher M. Cashman has served as Chairman of the Company’s Board since September 2011 and as the Company’s President and Chief Executive Officer since October 2012.
Cashman is a recognized leader in the biopharmaceutical industry and has decades of experience leading life sciences companies.
Before joining Marinus, Cashman was co-founder, President and CEO of Protez Pharmaceuticals, Inc., a company specializing in the development of antibiotics, which was acquired by Novartis.
Prior to his time with Protez, Cashman was President and CEO of Message Pharmaceuticals, Inc., and held various leadership roles at both Pfizer, Inc., and SmithKline Beecham plc.
Cashman currently serves on the Board of Directors of Rapid Micro Biosystems, Inc., Noble Biomaterials, Inc., and MBF Therapeutics, Inc.
Cashman holds an M.S. in economics from Purdue University and B.S. in business management from the University of Minnesota.
Generally speaking, when a top leader announces to step aside with no successor available, it is a signal that the change was unplanned and too early.
In general, possible causes for an unexpected change can be, among others, disagreement or dispute, family reasons and surprising new career opportunities.
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 Marinus and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2019 ($).