- Push-out Score determined
- After about two years in the position
- Praise, thanks and good wishes for Cukier
- Jeff Bailey taking over in the interim
(exechange) — Raleigh, North Carolina, May 11, 2020 — Herm Cukier, chief executive of BioDelivery, leaves. As announced by BioDelivery Sciences International Inc. in a news release and in a regulatory filing published on Monday, May 11, 2020, Herm Cukier has left his post as chief executive officer at the commercial-stage specialty pharmaceutical company after about two years in the role, effective May 9, 2020.
Herm Cukier’s duties as CEO will be taken over in the interim by Jeffrey A. (Jeff) Bailey, most recently Chief Executive Officer of IlluminOss Medical, Inc., as Interim Chief Executive Officer.
Already a director
Bailey is already a director of BioDelivery. 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. 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, Bailey understands the expectations and dynamics of the board and has knowledge of BioDelivery’s organization, risk-management practices and strategy.
No reason given
In the announcement, BioDelivery did not explicitly explain the reason for Herm Cukier’s move.
Precise information regarding Herm Cukier’s future plans was not immediately available.
“Terminated without cause”
BioDelivery said: “Mr. Bailey succeeds Herm Cukier as CEO.”
BioDelivery further said: “On May 11, 2020, the Company also announced that Herm Cukier was terminated without cause as Chief Executive Officer and principal executive officer, effective as of May 9, 2020. In connection with his termination, Mr. Cukier also resigned from the Board of Directors, effective as of May 9, 2020.”
Share price increase since May 2018
The announcement follows an increase in BioDelivery Sciences International Inc.’s share price of 99% since May 2018.
Chaired by Peter Greenleaf
BioDelivery Sciences International Inc. is chaired by Peter Greenleaf.
Peter S. Greenleaf has been the Company’s Chairman of the Board and Director since May 2018. He has served as the Chief Executive Officer of Aurinia Pharmaceuticals, Inc., since April 2019.
In the position of CEO since 2018
Herm Cukier became CEO of the Company in 2018.
Herm Cukier has been the Company’s Chief Executive Officer and a member of the Company’s Board of Directors since May 2018.
From December 2013 to April 2018, he served in various capacities at Allergan plc, a global pharmaceutical company, ultimately as Senior Vice President, Head of Commercial Strategy and Innovation.
He also served as the Senior Vice President of Allergan’s Eye Care division and as Senior Vice President of Allergan’s Woman’s Healthcare division.
From 2010 to 2013, he served as Vice President of Bayer HealthCare, a pharmaceutical company, and from 2009 to 2010, he served as President, Chief Executive Officer, and board member at Reverion Pharmaceuticals, Inc., a start-up company associated with Weill Cornell Medical College.
From 2005 to 2008, he served as Chief Marketing Officer and member of the Executive Committee at Organon Biosciences, which was acquired by Schering-Plough.
He began his career in 1992 at Pfizer and later served as Executive Director of Global Marketing at Bristol-Myers Squibb.
Cukier received an MBA from the Columbia Business School and a BSE in Bioengineering from the University of Pennsylvania.
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 BioDelivery and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2020 ($).