- Push-out Score determined
- After about three years in the position
- Thanks and good wishes for Amato
- Dan Goldberger taking over
(exechange) — Basking Ridge, New Jersey, September 30, 2019 — Frank Amato, chief executive of ElectroCore, leaves. As announced by ElectroCore Inc. in a news release on Monday, September 30, 2019, Francis R. (Frank) Amato leaves his post as Chief Executive Officer at the commercial-stage bioelectronic medicine company after about three years in the role, effective October 1, 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 announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange.
Frank Amato’s duties as CEO will be taken over by Daniel S. (Dan) Goldberger, most recently Executive Chairman of Repro Med Systems, Inc.
The fact that Frank Amato’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
A reason for Frank Amato’s departure from the CEO post was not explicitly provided. Carrie S. Cox, Chairman of the Board of Directors, said: “I am pleased to welcome Dan to the ElectroCore team, and believe he is the ideal candidate to lead the company at this critical stage in its ongoing evolution.”
Precise information regarding Frank Amato’s future plans was not immediately available.
Share price decline
The announcement follows a decline in ElectroCore, Inc.’s share price of 85% since October 2018.
Chaired by Carrie S. Cox
ElectroCore, Inc. is chaired by Carrie S. Cox.
In the position of CEO since 2016
Frank Amato became CEO of the Company in July 2016.
Francis R. Amato has served as the Company’s Chief Executive Officer since July 2016 and as a member of the Company’s Board since June 2017.
Amato previously served as the Company’s Chief Operating Officer from July 2012 through July 2016.
Prior to joining the Company, he spent 22 years within the pharmaceutical industry, most recently as Vice President of the Specialty Commercial Operations Group, Global Human Health at Merck & Co.
Before joining Merck, Amato gained extensive commercial experience as Executive Director, Global Business Operations at Schering-Plough, Business Unit Lead, Oncology at Ligand Pharmaceuticals, National Sales Director, Specialty Managed Markets at Pfizer Inc. and National Sales Director, Hospitals at Pharmacia Corporation.
Prior to joining the pharmaceutical industry, Amato was an Infantry Medic in the 82nd Airborne Division of the United States Army.
Amato received his B.A. in Political Science from St. John’s University and his Executive MBA from Pepperdine University’s Graziadio School of Management.
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 ElectroCore and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2019 ($).