Adverum CEO Leone Patterson leaves her post

  • Push-out Score determined
  • After about two years in the position
  • Accolades and praise for Patterson
  • Laurent Fischer taking over
  • Patterson will remain as president at Adverum
  • Patterson said 78 words

(exechange) — Redwood City, California, June 15, 2020 — Leone Patterson, chief executive of Adverum, leaves her position. As announced by Adverum Biotechnologies Inc. in a news release and in a regulatory filing published on Monday, June 15, 2020, Leone Patterson leaves her post as chief executive officer at the clinical-stage gene therapy company after about two years in the role, effective immediately.

The announcement of Leone Patterson’s move comes 14 months after Patrick Machado, J.D. took over as Chairman of Adverum Biotechnologies, Inc.

Leone Patterson’s duties as CEO will be taken over by Laurent Fischer, most recently Senior Vice President, Head of the Liver Therapeutic Area of Allergan.

The fact that Leone Patterson’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

“Next phase of our growth”

Adverum did not give an explicit reason for Leone Patterson’s departure from the CEO post. Patrick Machado, J.D., Board Chair of Adverum, said: “The skills that Laurent brings to our company as a physician and experienced public company CEO will be invaluable additions to our existing executive team, and set us up well for future success as we enter the next phase of our growth.”

Patterson will remain as president at Adverum

“Leone Patterson, who has served for four years in executive leadership roles at Adverum, most recently as the company’s CEO, will continue to serve as the company’s president,” Adverum said.

“Ceased to be Chief Executive Officer”

Adverum said: “Concurrent with Dr. Fischer assuming the role of Chief Executive Officer on June 15, 2020, Leone Patterson, Adverum’s Chief Executive Officer and President and a member of its Board of Directors, ceased to be Chief Executive Officer and a director. Ms. Patterson continues to serve as Adverum’s President.”

Share price increase since May 2018

The announcement follows an increase in Adverum Biotechnologies Inc.’s share price of 247% since May 2018.

Chaired by Patrick Machado, J.D.

Adverum Biotechnologies Inc. is chaired by Patrick Machado, J.D.

Patrick Machado, J.D. joined Adverum’s board in March 2017 and was appointed board chair in May 2019. Machado has 20 years of experience with biopharmaceutical companies leading finance, business development, and legal functions. Most recently, Machado was a co-founder of Medivation, Inc. and served as its chief business officer from 2009 to 2014, as its chief financial officer from 2004 until his retirement in 2014, and as a member of its board of directors from April 2014 until its acquisition by Pfizer in September 2016.

In the position of CEO since 2018

Leone Patterson became CEO of the Company in 2018.

Leone Patterson was named the Company’s chief executive officer in October 2018.

Patterson had been serving as the interim president and chief executive officer since May 2018, and served as the Company’s president during October 2018, and from December 2019 to present.

She also served as the Company’s chief financial officer from June 2016 to April 2019.

From March 2015 to June 2016, Patterson served as the chief financial officer of Diadexus, Inc., a diagnostics company, where she was responsible for overseeing the company’s finance function.

Prior to that, Patterson was vice president and chief financial officer of Transcept Pharmaceuticals, Inc., a biopharmaceutical company, from June 2012 until it was acquired by Paratek Pharmaceuticals Inc. in October 2014, where she was responsible for overseeing the company’s finance function.

From November 2010 to June 2012, Patterson served as vice president and global corporate controller of NetApp, Inc., a data management and storage company.

From July 2007 to November 2010, Patterson was vice president of finance at Exelixis, Inc, a biopharmaceutical company.

Before Exelixis, Patterson served as vice president of global business planning and analysis of the vaccines and diagnostics division of Novartis AG, a biopharmaceutical company, from April 2006 to July 2007.

From 1999 to 2006, she held several positions, including vice President, corporate controller, at Chiron, a biotechnology company (now part of Novartis AG).

From 1989 to 1999, Patterson worked in the audit practice of accounting firm KPMG, where she held various positions including Senior Manager.

Patterson currently serves on the board of directors of Nkarta, Inc.

Patterson earned a B.S. in business administration and accounting from Chapman University and an executive M.B.A. from St. Mary’s College.

Patterson is also a Certified Public Accountant (inactive status).

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 Adverum and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 25.2020 ($).