- Push-out Score determined
- After about four and a half years in the position
- Praise, thanks and good wishes for Sicignano
- Search for a successor
- Sicignano said 67 words
(exechange) — Williamsville, New York, July 26, 2019 — Henry Sicignano, chief executive of 22nd Century, leaves. As announced by 22nd Century Group Inc. in a news release and in a regulatory filing published on Friday, July 26, 2019, Henry Sicignano leaves his post as Chief Executive Officer at the plant biotechnology company after about four 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 7.5 years, according to data compiled by exechange.
22nd Century will undertake a search for a successor.
“For personal reasons”
Henry Sicignano’s departure from the CEO post is explained as follows. 22nd Century said: “President and Chief Executive Officer Henry Sicignano III has resigned for personal reasons, effective July 26, 2019.”
Precise information regarding Henry Sicignano’s future plans was not immediately available.
22nd Century said: “President and Chief Executive Officer Henry Sicignano III has resigned for personal reasons, effective July 26, 2019.”
22nd Century further said: “On July 24, 2019, and effective July 26, 2019, Henry Sicignano III resigned as the President and Chief Executive Officer, and as a member of the Board of Directors, of 22nd Century Group, Inc. (the “Company”) for personal reasons.”
Share price decline
The announcement follows a decline in 22nd Century Group, Inc.’s share price of 42% since January 2018.
Chaired by James W. Cornell
22nd Century Group, Inc. is chaired by James W. Cornell.
Cornell has served as Chairman of the Board since October 2014 and as a director since March 4, 2011.
In the position of CEO since 2015
Henry Sicignano became CEO of the Company in March 2015.
Sicignano will continue to serve the Company, on a consultancy basis, for the next several years.
Henry Sicignano, III, MBA, has served as the Company’s Chief Executive Officer since March 3, 2015, as the Company’s President since January 25, 2011, as the Company’s Secretary from January 25, 2011 to May 27, 2014, as a director since March 4, 2011, as Chief Operating Officer from October 25, 2014 to March 3, 2015, and previously as interim Chief Financial Officer from July 6, 2012 to April 1, 2013.
From August 2005 to April 2009, Sicignano served as a General Manager and as the Director of Corporate Marketing for NOCO Energy Corp., a petroleum products company; and from March 2003 to July 2005, as Vice President of Kittinger Furniture Company, Inc., a fine furniture manufacturer.
From February 1997 through July 2002, he served as Vice President and Marketing Director of Santa Fe Natural Tobacco Company, a specialty tobacco company, prior to the sale of Santa Fe to R.J. Reynolds Tobacco Company in 2002.
Sicignano holds a B.A. Degree in Government from Harvard College and an M.B.A. Degree from Harvard University.
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 30.2019 ($).