- Push-out Score determined
- After about five years in the position
- Praise and words of regret for Nugent
- Ron Menezes taking over
- Nugent said 88 words
(exechange) — Santa Barbara, California, November 9, 2020 — Jeff Nugent, chief executive of Sientra, leaves. As announced by Sientra Inc. in a news release on Monday, November 9, 2020, Jeffrey M. (Jeff) Nugent leaves his post as chief executive officer of the medical aesthetics company after about five years in the role, effective November 10, 2020.
Jeff Nugent’s duties as CEO will be taken over by Ron Menezes, most recently President and General Manager of Almirall Inc.
The fact that Jeff Nugent’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Other passions in my life”
Sientra did not give an explicit reason for Jeff Nugent’s departure from the CEO post, leaving room for speculation. Nugent said: “As I look to focus on the other passions in my life, I am excited to work with Ron over the next two months to further position Sientra for long-term success.”
Precise information regarding Jeff Nugent’s future plans was not immediately available.
“Retirement”
Sientra said: “Jeffrey Nugent, the Company’s Chairman and Chief Executive Officer since 2015, also announced his retirement from his current responsibilities.”
Share price decline since September 2018
The announcement follows a decline in Sientra Inc.’s share price of 83% since September 2018.
In the position of CEO since 2015
Jeff Nugent became CEO of the Company in 2015.
He will remain with Sientra through the end of the year in an advisory role to support Menezes in the transition and to ensure continuity in carrying out the Company’s long-term vision.
Caroline Van Hove, current Sientra Director, will expand her position on Sientra’s Board of Directors and succeed Nugent as Executive Chair.
Jeffrey M. Nugent has served as the Chairman of the Company’s Board and Chief Executive Officer since November 12, 2015 and a director of the Company since July 2014.
Nugent was the Interim Chief Executive Officer of Biolase, Inc. from June 2014 to July 2015, in which he established a global commercialization team and chose new leaders of the sales and marketing division.
Prior to that, from December 2010 to February 2013, Nugent was Founder, President and Chief Executive Officer of Precision Dermatology, Inc., a multi-channel skin care company that was acquired by Valeant Pharmaceuticals in February 2014.
From 1999 to 2002, he served as the President and Chief Executive Officer of Revlon, Inc., where he led a turnaround in profitability and a global initiative of new product innovation.
Prior to that, he was as Worldwide President and Chief Executive Officer of Neutrogena Corporation from 1995 to 1999 in which he led the acquisition by Johnson & Johnson.
Nugent has previously served as a director of Neothetics, Inc., Precision Dermatology, Inc., Myoscience, Inc. and Bioform, Inc. (prior to its acquisition by Merz Aesthetics, Inc.)
Nugent began his career at Johnson & Johnson where he held increasingly senior responsibilities in Manufacturing, Finance, Research and Development, Marketing and Worldwide Vice President for Quality.
Nugent holds a B.S. in mathematics from St. Joseph’s College and earned his MBA in finance and marketing from Loyola University in Chicago.
He served as an Artillery Officer in the United States Army.
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 Sientra and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2020 ($).