- Push-out Score determined
- After 19 years in the position
- Accolades and praise for Pruzanski
- Jerry Durso taking over
- Pruzanski spoke at length and said 132 words
(exechange) — New York, December 10, 2020 — Mark Pruzanski, chief executive of Intercept, leaves. As announced by Intercept Pharmaceuticals Inc. in a news release and in a regulatory filing published on Thursday, December 10, 2020, Mark Pruzanski leaves his post as chief executive officer of the biopharmaceutical company after 19 years in the role, effective January 1, 2021.
It is the end of an era.
Mark Pruzanski’s duties as CEO will be taken over by Jerome (Jerry) Durso, currently Chief Operating Officer of Intercept Pharmaceuticals Inc.
“Planning a seamless transition”
Intercept did not give an explicit reason for Mark Pruzanski’s departure from the CEO post, leaving room for speculation. Paolo Fundarò, Chairman of the Board of Directors, said: “We have been working closely together on planning a seamless transition and will benefit from Mark’s continued involvement to support the company’s future success.”
Precise information regarding Mark Pruzanski’s future plans was not immediately available.
Intercept said: “Jerome (Jerry) Durso, currently Chief Operating Officer, will succeed Mark Pruzanski as President and Chief Executive Officer, effective January 1, 2021.”
Intercept further said: “Effective January 1, 2021, Mark Pruzanski, M.D., will retire from his position as President and Chief Executive Officer.”
Share price decline since December 2015
The announcement follows a decline in Intercept Pharmaceuticals Inc.’s share price of 81% since December 2015.
Chaired by Paolo Fundarò
Paolo Fundarò serves as Intercept Pharmaceuticals Inc.’s Chairman.
Paolo Fundarò has served as the Company’s Chairman since October 2015 and as a member of the Company’s Board of Directors since 2006. Fundarò has been the Chief Executive Officer of Genextra S.p.A., an investment firm focused on the life sciences industry, since July 2019 and previously served as the Chief Financial Officer of Genextra S.p.A. from its inception in 2004 until 2019.
In the position of CEO since 2002
Mark Pruzanski became CEO of the Company in 2002.
Pruzanski will remain with Intercept as a director on the Board and retained advisor to the company.
Mark Pruzanski, M.D. is one of the Company’s co-founders and has served as the Company’s President and Chief Executive Officer, and as a member of the Company’s Board, since the Company’s inception in 2002.
Pruzanski has over 20 years of experience in life sciences company management, venture capital and strategic consulting.
Prior to co-founding the Company, Pruzanski was a venture partner at Apple Tree Partners, an early stage life sciences venture capital firm that he co-founded, and an entrepreneur-in-residence at Oak Investment Partners, a venture capital firm.
Pruzanski is a co-author of a number of scientific publications and is named as an inventor on several of the Company’s patents.
Pruzanski has been a director of Equillium, Inc. since September 2018.
Pruzanski also currently serves on the boards of the Emerging Companies Section of the Biotechnology Innovation Organization (BIO), a biotechnology-focused trade association, and the Foundation for Defense of Democracies, a non-profit policy institute focusing on foreign policy and national security.
Pruzanski received his M.D. from McMaster University in Hamilton, Canada, a M.A. degree in International Affairs from the Johns Hopkins University School of Advanced International Studies in Bologna, Italy and Washington, D.C., and a bachelor’s degree from McGill University in Montreal, Canada.
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 Intercept and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2020 ($).