- Push-out Score determined
- After almost 12 years in the position
- Larry Edwards taking over
- Macdonald said 101 words
(exechange) — Watertown, Massachusetts, June 12, 2019 — Guy Macdonald, chief executive of Tetraphase, leaves. As announced by Tetraphase Pharmaceuticals Inc. in a news release and in a regulatory filing published on Wednesday, June 12, 2019, Guy Macdonald leaves his post as Chief Executive Officer at the biopharmaceutical company after almost 12 years in the role, effective August 1, 2019.
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 7.6 years, according to data compiled by exechange. Only 28 percent of the CEOs who departed over the past 12 months left their position after more than 10 years.
Guy Macdonald’s duties will be taken over by Larry G. Edwards, currently Chief Operating Officer of Tetraphase Pharmaceuticals, Inc.
Guy Macdonald’s move is part of a management shake-up also involving the positions of Chief Business Officer; Chief Medical Officer; and Chief Scientific Officer.
“Larry, with his extensive experience launching novel antibiotics, is the right person to lead Tetraphase through the XERAVA launch period”
A reason for Guy Macdonald’s imminent departure from the CEO post was not explicitly provided. Macdonald said: “The Board and I believe that Larry, with his extensive experience launching novel antibiotics, is the right person to lead Tetraphase through the XERAVA launch period, and that a singularly focused organization is central to the success of our mission.”
Precise information regarding Guy Macdonald’s future plans was not immediately available.
Tetraphase said: “Tetraphase Pharmaceuticals, Inc. … today announced a corporate reorganization in order to maximize the commercial opportunity for XERAVATM (eravacycline), the Company’s novel tetracycline antibacterial indicated for the treatment of complicated intra-abdominal infections (cIAI) in patients 18 years of age and older. This reorganization will include elimination of the Company’s internal research function and an exploration of out-licensing opportunities for the Company’s pipeline of innovative early-stage antibiotics and oncology product candidates. As part of the reorganization, Larry Edwards, who currently serves as Chief Operating Officer, will succeed Guy Macdonald as President and Chief Executive Officer following a transition period that will last through August 1, 2019.”
Tetraphase further said: “Mr. Edwards, the Company’s current Chief Operating Officer, will succeed Guy Macdonald, who will remain on the Board after August 1, 2019.”
Share price decline
The announcement follows a decline in Tetraphase Pharmaceuticals, Inc.’s share price of 82 percent since June 2018.
Chaired by L.Patrick Gage
Tetraphase Pharmaceuticals, Inc. is chaired by L.Patrick Gage.
L.Patrick Gage, Ph.D. has served as a member of the Company’s board of directors and as Chairman of the Company’s board of directors since December 2011.
In the position of CEO since 2008
Edwards will join the Tetraphase Board of Directors in August, and Macdonald will remain a director and, in addition, serve as a consultant to the Company into December 2019.
Guy Macdonald has served as the Company’s President and Chief Executive Officer and a member of the Company’s board of directors since January 2008.
From August 2003 until January 2008, Macdonald served as Executive Vice President, Operations of Idenix Pharmaceuticals, Inc., a biopharmaceutical company.
Prior to joining Idenix, he served in various positions at Merck & Co., Inc., a pharmaceutical company, from 1981 to 2003, most recently serving as the Vice President for Anti-Infective and Hospital Products. Macdonald currently serves as chairman of the board of Scynexis, Inc., a publicly traded biotechnology company.
Macdonald received an Honours Degree in biochemistry from Dundee University in Dundee, Scotland.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 24.2019 ($).