- Push-out Score determined
- After seven years in the position
- Praise and thanks for Ren
- Wei-Wu He taking over
(exechange) — Rockville, Maryland, April 2, 2019 — Ken Ren, chief executive of Casi Pharmaceuticals, leaves. As announced by Casi Pharmaceuticals Inc. on Tuesday, April 2, 2019, Ken K. Ren leaves his post as Chief Executive Officer at the pharmaceutical company after seven years in the role.
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 7.9 years, according to data compiled by exechange.
The exact date of Ken Ren’s departure from his post was not specified in the announcement. Obviously, it was an abrupt change.
Ken Ren’s duties will be taken over by Wei-Wu He, most recently Executive Chairman of Casi Pharmaceuticals, Inc.
Casi Pharmaceuticals has already removed the name of Ren as Chief Executive Officer from the leadership page and lists Wei-Wu He as Chairman & Chief Executive Officer.
Ken Ren’s departure from the CEO post is explained as follows. Casi Pharmaceuticals said: “Dr. He succeeds Ken K. Ren, Ph.D. who for personal reasons is stepping down from his role as Chief Executive Officer but will remain on the Company’s Board of Directors.”
In the announcement, the company did not detail the personal reasons causing Ren to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons, health reasons or disagreement.
Precise information regarding Ken Ren’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post with no date given and without an understandable explanation.
Share price decline
The announcement follows a decline in Casi Pharmaceuticals, Inc.’s share price of 63 percent since August 2018.
In the position of CEO since 2012
Ken K. Ren joined the Company in April 2012 as interim Chief Executive Officer, and after successful completion of the one-year interim period, was appointed Chief Executive Officer in April 2013, and in December 2014 was elected to the Board of Directors.
Prior to joining the Company, from 2005-2012, Ren was the president of Accelovance (China), a subsidiary of Accelovance, Inc., which is a Maryland-based contract research organization.
Prior to Accelovance, Ren was the founder of New Jersey-based AHT Inc., which merged with Novemed, a portfolio investment of a blue-chip public company in Hong Kong.
He was a co-founder of the China Innovation Center for Life Science (U.S.A.) Corp., a New York-based consulting firm in partnership with the Chinese Ministry of Science and Technology which provided consulting services to health-care and pharmaceutical companies in both the U.S. and China.
Over the past 15 years Ren has been involved in several U.S./China based start-up companies in pharmaceutical development or services.
Ren was a research scientist at Pfizer from 1993–1995 and a Research Fellow at Rockefeller University from 1990–1993.
He received his medical degree at the Shandong University School of Medicine in China in 1986 and a Ph.D. from State University of New York at Buffalo in 1990.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Ken Ren was pushed out or felt pressure to leave the position.
exechange reached out to Casi Pharmaceuticals and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 14.2019 ($).