- Push-out Score determined
- After about half a year in the position
- Thanks and good wishes for Buchi
- Joe Truitt taking over in the interim
- Search for a successor
(exechange) — Wilimington, Delaware, April 9, 2020 — Kevin Buchi, chief executive of BioSpecifics, leaves — as “mutually agreed.” As announced by BioSpecifics Technologies Corp. in a news release and in a regulatory filing published on Thursday, April 9, 2020, J.Kevin Buchi has left his post as chief executive officer at the biopharmaceutical company after about half a year in the role, effective April 6, 2020.
BioSpecifics will undertake a search for a successor.
Kevin Buchi’s duties as CEO will be taken over in the interim by Joseph (Joe) Truitt, most recently Chief Executive Officer of Achillion Pharmaceuticals, Inc., as interim Chief Executive Officer.
The fact that Kevin Buchi’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“To fully execute on the Company’s clearly defined corporate objectives”
BioSpecifics did not give an explicit reason for Kevin Buchi’s departure from the CEO post. Joseph Truitt said: “There are very significant value creation opportunities and I look forward to working closely with the Board of Directors and team to fully execute on the Company’s clearly defined corporate objectives.”
Precise information regarding Kevin Buchi’s future plans was not immediately available.
BioSpecifics said: “Mr. Truitt succeeds J. Kevin Buchi, who served as CEO since October 2019, and has departed the company.”
BioSpecifics further said: “On April 9, 2020, the Company announced that the Board of Directors (the “Board”) of the Company appointed Mr. Joseph Truitt as the Interim Chief Executive Officer of the Company and as a Class I member of the Board, effective as of April 6, 2020 (the “Effective Date”). Mr. Truitt will serve in such capacity on an interim basis pending an executive search being conducted by the Company. … On the Effective Date, the Company and Mr. J. Kevin Buchi mutually agreed that Mr. Buchi would step down as Chief Executive Officer and as a director of the Company, effective immediately.”
Share price increase since October 2019
The announcement follows an increase in BioSpecifics Technologies Corp.’s share price of 10% since October 2019.
Chaired by Jennifer Chao
BioSpecifics Technologies Corp. is chaired by Jennifer Chao.
In the position of CEO since 2019
Kevin Buchi became CEO of the Company in 2019.
On October 10, 2019, the Company announced that its Board of Directors (the “Board”) appointed J. Kevin Buchi as Chief Executive Officer of the Company, effective as of October 8, 2019 (the “Effective Date”).
Buchi also was appointed as a member of the Board as of the Effective Date.
Buchi served as interim president and chief executive officer of Impax Laboratories, LLC (“Impax”) from December 2016 until March 2017 and as a member of the Impax board from November 2016 until the completion of the combination of Impax and Amneal Pharmaceuticals, Inc. (“Amneal”) in 2018.
Buchi also served as president and chief executive officer of TetraLogic Pharmaceuticals Corporation (“TetraLogic”) from August 2013 to December 2016.
Before TetraLogic, he served as corporate vice president of Global Branded Products at Teva Pharmaceutical Industries Limited (“Teva”) from 2011 to May 2012.
Prior to that, Buchi was chief executive officer of Cephalon, Inc., which was acquired by Teva in October 2011.
Buchi also serves as a member of the board of directors of Dicerna Pharmaceuticals, Inc., where he was appointed chairman in January 2019, Amneal, and Benitec Biopharma Ltd.
Buchi previously served on the board of EPIRUS Biopharmaceuticals, Inc. from June 2013 to July 2016, Alexza Pharmaceuticals, Inc. from January 2013 to June 2016, Forward Pharma A/S from December 2012 to May 2016, and Stemline Therapeutics, Inc. from March 2012 to May 2016.
Buchi received his B.A. degree in Chemistry from Cornell University and a Masters of Management degree from the J.L. Kellogg Graduate School of Management, Northwestern 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 15.2020 ($).