- Push-out Score determined
- After almost seven years in the position
- Praise and thanks for Velleca
- Jack Bailey taking over
- Velleca spoke at length and said 153 words
(exechange) — Research Triangle Park, North Carolina, September 30, 2020 — Mark Velleca, chief executive of G1 Therapeutics, leaves. As announced by G1 Therapeutics Inc. in a news release and in a regulatory filing published on Wednesday, September 30, 2020, Mark A. Velleca leaves his post as chief executive officer at the clinical-stage biopharmaceutical company after almost seven years in the role, effective December 31, 2020.
Mark Velleca’s duties as CEO will be taken over by John E. (Jack) Bailey, most recently President of the pharmaceuticals and vaccines business in the U.S. of GlaxoSmithKline.
Already a director
Bailey is already a director of G1 Therapeutics. Directors-turned-executives represent a blend of outsider and insider.
Having been a director, Bailey understands the expectations and dynamics of the board and has knowledge of G1 Therapeutics’s organization, risk-management practices and strategy.
“The right time”
Mark Velleca’s departure from the CEO post is explained as follows. Velleca said: “The board and I believe this moment is the right time to institute a leadership transition. Having worked closely with Jack on the board, I am confident he is the right person to lead this remarkable organization into and through its next chapter.”
Precise information regarding Mark Velleca’s future plans was not immediately available.
G1 Therapeutics said: “[E]ffective January 1, 2021, Mark Velleca, M.D. Ph.D., will transition to the role of senior advisor and continue to serve as a member of the G1 Board of Directors.”
G1 Therapeutics further said: “Mark A. Velleca, M.D., Ph.D., decided to step down from the position of President and Chief Executive Officer, effective January 1, 2021.”
Share price decline
The announcement follows a decline in G1 Therapeutics Inc.’s share price of 80% since September 2018.
In the position of CEO since 2014
Mark Velleca became CEO of the Company in 2014.
Each of Bailey and Velleca will continue to serve on the Company’s Board of Directors.
Mark A. Velleca, M.D., Ph.D., has served as the Company’s Chief Executive Officer, President and a member of the Company’s Board of Directors since May 2014.
Prior to joining the Company, Velleca was a co-founder and served as Senior Vice President of CGI Pharmaceuticals, Inc., or CGI, a biopharmaceutical company, from 1999 to 2010, where he managed the company from its inception through clinical trials of multiple drug candidates.
After CGI was acquired by Gilead Sciences, Inc., or Gilead, a biotechnology company, in 2010, Velleca served as a Senior Advisor to Gilead from 2010 to April 2012, where he worked to help build its oncology pipeline.
Velleca has served on the board of directors of BioMarker Strategies, a private oncology diagnostics company, from 2010 to 2012, and on the scientific advisory boards of BioRelix Inc., a biopharmaceutical company, from 2007 to 2012 and Intellikine, Inc., a biopharmaceutical company, from 2007 to 2010.
Velleca served as Executive Vice President at The Leukemia & Lymphoma Society from April 2012 to April 2014.
Velleca also served as an attending physician at Yale New Haven Hospital and on the faculty of the Yale University School of Medicine.
Velleca received his B.S. from Yale University, and his M.D. and Ph.D. from Washington University in St. Louis.
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 G1 Therapeutics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2020 ($).