- Push-out Score determined
- After almost 18 years in the position
- Praise for Browne
- Mark Foley taking over
(exechange) — Newark, California, October 15, 2019 — This news came on Columbus Day. Dan Browne, chief executive of Revance, leaves. As announced by Revance Therapeutics Inc. in a news release published on Monday, October 14, 2019 and in a regulatory filing published on Tuesday, October 15, 2019, L.Daniel (Dan) Browne has left his post as Chief Executive Officer at the biotechnology company after almost 18 years in the role, effective October 11, 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 announced their departure over the past 12 months was 7.2 years, according to data compiled by exechange. On an accumulated basis, around 10% of the CEOs who announced their departure over the past 12 months left their posts after more than 15 years.
Dan Browne’s duties as CEO will be taken over by Mark J. Foley, a former Chief Executive Officer of Zeltiq Aesthetics.
Already a director
Foley is already a director of Revance. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Foley understands the expectations and dynamics of the board and has knowledge of Revance’s organization, risk-management practices and strategy.
“Misjudgment in handling an employee matter”
Dan Browne’s departure from the CEO post is explained as follows. Revance said: “Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology company pioneering new innovations in neuromodulators for aesthetic and therapeutic indications, today announced the appointment of Mark Foley as President and CEO, replacing Dan Browne, who has stepped down due to a misjudgment in handling an employee matter. Mr. Browne has also resigned from Revance’s Board of Directors.”
Precise information regarding Dan Browne’s future plans was not immediately available.
Revance said: “Effective as of October 13, 2019, the Board of Directors (the “Board”) of Revance Therapeutics, Inc. (the “Company”) appointed Mark J. Foley as the Company’s President, Chief Executive Officer and Principal Executive Officer, replacing L. Daniel Browne, who stepped down as President, Chief Executive Officer and Principal Executive Officer due to a misjudgment in handling an employee matter. Mr. Browne has also resigned as a member of the Board of Directors effective as of October 11, 2019.”
“Not because of a disagreement on any matter relating to the Company’s operations, policies or practices”
“Mr. Browne’s departure is unrelated to the Company’s operational performance and is not because of a disagreement on any matter relating to the Company’s operations, policies or practices,” Revance said.
Share price decline
The announcement follows a decline in Revance Therapeutics, Inc.’s share price of 65% since January 2018.
Chaired by Angus Russell
Revance Therapeutics, Inc. is chaired by Angus Russell.
Angus Russell has served as Chairman of the Board since March 2014.
In the position of CEO since 2002
Dan Browne became CEO of the Company in January 2002.
L.Daniel Browne is one of the Company’s co-founders and has served as its President and Chief Executive Officer since the Company commenced operations in 2002, completed its first institutional venture financing in 2006 and taking the company public in 2014.
Browne has more than a 25-year career of executive leadership experience across both biopharmaceuticals and medical technologies.
Prior to joining Revance, Browne served as President and Chief Executive Officer of Neomend, Inc., a medical biomaterial company focused on soft tissue repair from 2001 to 2003, Prograft Medical Inc., a medical device company focused on minimally-invasive treatments of cardiovascular and vascular disease from 1997 to 2000, and W.L Gore & Associates where he served 16 years in multiple leadership positions across product development, sales and marketing and business development in the Gore Medical Products Division.
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 Revance and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2019 ($).