- Push-out Score determined
- After less than six weeks in the position
- No successor named
(exechange) — Morris Plains, New Jersey, May 27, 2020 — Harout Semerjian, chief executive of Immunomedics, leaves. As announced by Immunomedics Inc. in a news release and in a regulatory filing published on Wednesday, May 27, 2020, Harout Semerjian leaves his post as chief executive officer at the biopharmaceutical company after less than six weeks in the role, effective immediately.
Immunomedics did not name a replacement for the position of Chief Executive Officer.
“Precipitated by the unfortunate significant logistical obstacles presented by the COVID-19 pandemic”
Immunomedics did not give an explicit reason for Harout Semerjian’s departure from the CEO post. Immunomedics said: “The Company announces that, after careful consideration, Harout Semerjian has decided to step down from his role as President and Chief Executive Officer (CEO) of Immunomedics. This decision, which is effective immediately, is precipitated by the unfortunate significant logistical obstacles presented by the COVID-19 pandemic, including Mr. Semerjian’s ability to fully assume his duties as CEO. Dr. Behzad Aghazadeh, Executive Chairman of Immunomedics, will continue to support the Company in an executive leadership role going forward.”
Precise information regarding Harout Semerjian’s future plans was not immediately available.
Immunomedics said: “On May 27, 2020, Harout Semerjian, the Chief Executive Officer, President and member of the Board of Directors (the “Board”) of Immunomedics, Inc., a Delaware corporation (the “Company”), resigned from such capacities, effective immediately.”
“Not the result of any disagreement”
“Mr. Semerjian’s resignation is not the result of any disagreement with the Company, the Board, or management, or any matter relating to the Company’s operations, policies or practices,” Immunomedics said.
Share price increase since April 2020
The announcement follows an increase in Immunomedics Inc.’s share price of 236% since April 2020.
Chaired by Behzad Aghazadeh
Immunomedics Inc. is chaired by Behzad Aghazadeh.
Behzad Aghazadeh has served as Chairman of the Company’s Board of Directors since March 2017.
In the position of CEO since 2020
Harout Semerjian became CEO of the Company in 2020.
Semerjian was appointed as the Company’s Chief Executive Officer and President effective April 16, 2020.
Harout Semerjian has over 25 years of experience in life sciences and previously served as Executive Vice President, Chief Commercial Officer at Ipsen where he was accountable for the worldwide commercialization and portfolio strategy across oncology, neurosciences and rare diseases, as well as leading specialty operations across Europe and International markets.
Semerjian spent 16 years at Novartis Oncology where he held various worldwide strategic and operational positions, culminating in his last role as Senior Vice President, Global Head for Ribociclib, accountable for worldwide launch preparations.
During his tenure at Novartis, Semerjian worked on numerous launches and commercial activities of blockbuster therapies, including Gleevec, Tasigna, Exjade/Jadenu, Promacta, Zometa, and Femara.
At the time of Harout Semerjian’s appointment as Chief Executive Officer at Immunomedics, Behzad Aghazadeh, Executive Chairman of the Board, stated: “I am delighted that Harout has agreed to join us at this critical juncture in the evolution of Immunomedics. He is a seasoned global pharmaceutical leader with a passion for and expertise in oncology. His long and successful track record in leading cross functional teams and delivering on ambitious results will be instrumental in scaling the Company and its global operations for the next phase of growth as we are transitioning into a fully-integrated biopharmaceutical company.”
At the time of his appointment as Chief Executive Officer at Immunomedics, Semerjian stated: “I am honored and excited to be joining Immunomedics at this critical time. The Company has a unique antibody-drug conjugate platform and I share the Board’s belief that sacituzumab govitecan has the potential to offer cancer patients a viable treatment option, as demonstrated in recent clinical studies in triple-negative breast cancer, urothelial cancer and hormone-receptor positive/HER2-negative breast cancer. I look forward to working closely with the Board and the leadership team to bring this potentially transformative drug to cancer patients worldwide.”
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 Immunomedics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2020 ($).