- Push-out Score determined
- After almost eight years in the position
- Thanks and good wishes for Tidmarsh
- Responsibilities redistributed
- Search for a successor
(exechange) — San Diego, California, November 25, 2019 — George Tidmarsh, chief executive of La Jolla, leaves. As announced by La Jolla Pharmaceutical Co. in a news release on Monday, November 25, 2019, George F. Tidmarsh leaves his post as Chief Executive Officer at the biopharmaceutical company after almost eight 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 announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange.
The exact date of George Tidmarsh’s departure from his post was not explicitly specified in the announcement.
La Jolla has already removed the name of Tidmarsh as Chief Executive Officer from the leadership page.
La Jolla will undertake a search for a successor.
Following George Tidmarsh’s departure, the position of Chief Executive Officer will not be filled for the time being. George Tidmarsh’s responsibilities are being redistributed.
“To pursue other interests”
George Tidmarsh’s departure from the CEO post is explained as follows. La Jolla said: “George Tidmarsh, M.D., Ph.D., President and Chief Executive Officer, has left the Company to pursue other interests.”
Precise information regarding George Tidmarsh’s future plans was not immediately available.
Share price decline
The announcement follows a decline in La Jolla Pharmaceutical Company’s share price of 82% since July 2018.
Chaired by Kevin Tang
La Jolla Pharmaceutical Company is chaired by Kevin Tang.
Kevin C. Tang has been a Director and Chairman of the Board since August 2014. Tang is the Managing Director of Tang Capital Management, LLC, a life sciences-focused investment company he founded in 2002.
In the position of CEO since 2012
George Tidmarsh became CEO of the Company in January 2012.
George Tidmarsh, M.D., Ph.D. has served as President, Chief Executive Officer, Secretary and a director of the Company since 2012.
Tidmarsh has more than 25 years of experience creating, building and leading biotechnology and pharmaceutical companies and developing innovative pharmaceutical products.
Tidmarsh has also served as a director of Odonate Therapeutics, Inc. since 2016.
In 2005, Tidmarsh founded Horizon Pharma, Inc., where he served as President and Chief Executive Officer until 2008 and as a director and consultant until 2011.
In 2001, he founded Threshold Pharmaceuticals, Inc., where he served as President until 2005.
From 1996 to 2000, Tidmarsh held various senior positions at Coulter Pharmaceutical, Inc., most recently serving as Chief Medical Officer.
Earlier in his career, Tidmarsh held various scientific and clinical positions at Sequus Pharmaceuticals, Inc., Gilead Sciences, Inc. and SyStemix, Inc.
Tidmarsh received a Ph.D. degree and an M.D. degree from the Stanford University School of Medicine and a B.S. degree in microbiology from Stanford 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.
exechange reached out to La Jolla and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2019 ($).