- Push-out Score determined
- After around seven years in the position
- Praise for Jonas
- Barry Greene taking over
- Jonas will remain as chief innovation officer at Sage
- Jonas spoke at length and said 155 words
(exechange) — Cambridge, Massachusetts, December 16, 2020 — Jeff Jonas, chief executive of Sage, leaves his position. As announced by Sage Therapeutics Inc. in a news release and in a regulatory filing published on Wednesday, December 16, 2020, Jeffrey M. (Jeff) Jonas leaves his post as chief executive officer of the biopharmaceutical company after around seven years in the role.
The exact date of Jeff Jonas’s departure from his post was not explicitly stated in the announcement.
Jeff Jonas’s duties as CEO will be taken over by Barry E. Greene, most recently president of Alnylam Pharmaceuticals, Inc.
Already a director
Greene is already a director of Sage. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Greene understands the expectations and dynamics of the board and has knowledge of Sage’s organization, risk-management practices and strategy.
Sage Therapeutics, Inc. still listed Jonas as chief executive officer on its leadership page on its website shortly after the announcement was published.
“To accelerate growth”
Sage did not give an explicit reason for Jeff Jonas’s departure from the CEO post, leaving room for speculation. Sage said: “Sage Therapeutics (NASDAQ: SAGE), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating brain disorders, today announced that, as part of the Company’s plan to accelerate growth and leverage the talents of the leaders in the brain health space, Barry Greene has been appointed chief executive officer.”
Jonas will remain as chief innovation officer at Sage
“Dr. Jonas will continue to advance the Company’s mission in the new role of chief innovation officer. In this capacity, he will bring his thought leadership and the creative, innovative thinking for which Sage is known. He will remain a member of the board and will chair Sage’s Science & Technology Forum of the Board. As chief innovation officer, Jeff will focus on his well-recognized expertise — neuroscience, development, and pipeline expansion — bringing to bear in the role his creative thinking and extensive drug development experience,” Sage said.
Sage said: “Jeffrey Jonas, the Company’s former President and Chief Executive Officer, resigned as President and Chief Executive Officer, and was appointed Chief Innovation Officer of the Company and Chair of the Science and Technology Forum.”
Share price decline since January 2018
The announcement follows a decline in Sage Therapeutics Inc.’s share price of 57% since January 2018.
Chaired by Kevin Starr
Kevin Starr serves as Sage Therapeutics Inc.’s Chairman.
In the position of CEO since 2013
Jeff Jonas became CEO of the Company in 2013.
Jonas has served as the Company’s Chief Executive Officer and President and a member of the Company’s Board of Directors since August 2013.
From 2012 to 2013, Jonas served as the President of the Regenerative Medicine Division of Shire plc, or Shire, a global specialty pharmaceutical company, and from 2008 to 2012 as Senior Vice President of Research and Development, Pharmaceuticals at Shire.
From 2007 to 2008, Jonas served as the Executive Vice President of Ionis Pharmaceuticals, Inc., formerly known as ISIS Pharmaceuticals, Inc. and from 2006 to 2007 as Chief Medical Officer and Executive Vice President of Forest Laboratories, Inc. and from 1991 to 1996 in senior-level positions at Upjohn Laboratories.
Jonas also founded AVAX Technologies, Inc. and SCEPTOR Industries, Inc., where he served as the Chief Executive Officer, President and a Director.
Jonas currently serves on the board of directors for Generation Bio Co. and Karuna Pharmaceuticals, Inc., or Karuna.
Jonas has published more than 70 scientific papers and chapters, authored more than 100 books, scientific articles and abstracts, and has received numerous awards.
Jonas received his B.A. from Amherst College and M.D. from Harvard Medical School.
He completed a residency in psychiatry at Harvard Medical School, and he served as Chief Resident in psychopharmacology at McLean Hospital, Harvard Medical School.
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 Sage and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2020 ($).