- Push-out Score determined
- After about six years in the position
- Praise and thanks for Forrester
- Dan Paterson taking over
- Search for a successor
- Forrester said 77 words
(exechange) — Boston, Massachusetts, June 20, 2019 — Robert Forrester, chief executive of Verastem, leaves. As announced by Verastem Inc. in a news release on Thursday, June 20, 2019, Robert Forrester leaves his post as Chief Executive Officer at the biopharmaceutical company after about six 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 7.6 years, according to data compiled by exechange.
The exact date of Robert Forrester’s departure from his post was not explicitly given in the announcement.
Verastem will undertake a search for a successor.
Robert Forrester’s duties will be taken over by Daniel W. (Dan) Paterson, most recently Chief Operating Officer of Verastem, Inc., as President and Chief Operating Officer.
Verastem has already removed the name of Forrester as Chief Executive Officer from the leadership page and lists Dan Paterson as President and Chief Operating Officer.
“We intend to hire a CEO with commercial expertise”
A reason for Robert Forrester’s departure from the CEO post was not explicitly provided. Michael G. Kauffman, MD, PhD, Verastem Oncology’s Lead Director, said: “We remain confident in the growth potential of COPIKTRA™ and we intend to hire a CEO with commercial expertise who will build on the foundation that Robert has established and execute on our ambitious goals for the future.”
Precise information regarding Robert Forrester’s future plans was not immediately available.
“Step down”
Verastem said: “Robert Forrester has decided to step down as President and Chief Executive Officer.”
Share price decline
The announcement follows a decline in Verastem, Inc.’s share price of 81 percent since September 2018.
In the position of CEO since 2013
Forrester has agreed to continue serving Verastem Oncology in an advisory capacity.
Robert Forrester has served as a member of the Company’s Board of Directors since July 2013.
Forrester has served as the Company’s Chief Executive Officer since July 2013, as the Company’s President since January 2013, and previously served as the Company’s Chief Operating Officer from March 2011 until July 2013.
Forrester has previously held executive level positions at both private and public life sciences companies.
Prior to joining the Company, Forrester served as Chief Operating Officer of Forma Therapeutics, Inc. from 2010 until 2011.
Previously, he served as Interim President and Chief Executive Officer of CombinatoRx, Inc. from 2009 until 2010 and as its Executive Vice President and Chief Financial Officer from 2004 to 2009.
Forrester served as Senior Vice President, Finance and Corporate Development at Coley Pharmaceuticals Group, Inc. from 2000 to 2003.
Prior to his operating roles, Forrester was a managing director of the Proprietary Investment Group at MeesPierson, part of the Fortis Group, investing in life science companies.
Prior to MeesPierson, Forrester worked for the investment banks, BZW (now Barclays Capital) and UBS, in the corporate finance groups undertaking mergers and acquisitions and public and private financing transactions.
Forrester started his career as a lawyer with Clifford Chance in London and Singapore.
He earned his LL.B. from Bristol University in England.
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.
exechange reached out to Verastem and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2019 ($).