- Push-out Score determined
- After almost nine years in the position
- Pat Fabbio taking over in the interim
(exechange) — New York, November 12, 2019 — This news came the day after Veterans Day. Mark Baker, chief executive of Progenics, leaves. As announced by Progenics Pharmaceuticals Inc. in a regulatory filing published on Tuesday, November 12, 2019, Mark R. Baker leaves his post as Chief Executive Officer at the developer of medicines for oncology after almost nine 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 announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
Mark Baker’s duties as CEO will be taken over in the interim by Patrick (Pat) Fabbio, most recently Chief Financial Officer of Progenics Pharmaceuticals, Inc., as principal executive officer.
No reason given
In the announcement, Progenics did not explicitly explain the reason for Mark Baker’s move.
Precise information regarding Mark Baker’s future plans was not immediately available.
Progenics said: “On November 11, 2019, Mark. R. Baker tendered his resignation as Chief Executive Officer of Progenics Pharmaceuticals, Inc. (the “Company”) and as a member of the Board of Directors (the “Board”) of the Company, effective immediately.”
Share price decline
The announcement follows a decline in Progenics Pharmaceuticals, Inc.’s share price of 51% since March 2017.
In the position of CEO since 2011
Mark Baker became CEO of the Company in March 2011.
Baker joined the Company in 2005 as Senior Vice President & General Counsel and Secretary.
In 2008, he was appointed Executive Vice President, Corporate, in 2009 became President and a director, and has been CEO since March 2011.
From 2003 to 2005, Baker was Chief Business Officer, Secretary and a director of New York Trans Harbor LLC, a privately-held ferry operation in New York City.
From 1997 to 2001, he was Executive Vice President, Chief Legal Officer and Secretary of Continental Grain Company, a privately-held international agribusiness and financial concern.
Prior thereto, he was a partner and Co-Chairman of the Capital Markets Group of the New York law firm, Dewey Ballantine LLP.
Baker also serves as Chairman of the board of directors of the Brooklyn Bridge Park Conservatory.
He has an A.B. degree from Columbia College and a J.D. from the Columbia University School of Law.
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 Progenics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2019 ($).