- Push-out Score determined
- After around eight years in the position
- Praise and good wishes for Mayleben
- Sheldon Koenig taking over
- Mayleben said 68 words
(exechange) — Ann Arbor, Michigan, May 17, 2021 — Tim Mayleben, chief executive of Esperion, leaves. As announced by Esperion Therapeutics Inc. in a news release and in a regulatory filing published on Monday, May 17, 2021, Tim M. Mayleben leaves his post as chief executive officer at the pharmaceutical company after around eight years in the role, effective immediately.
Tim Mayleben’s duties as CEO will be taken over by Sheldon L. Koenig, most recently chief operating officer at Esperion Therapeutics Inc.
“Critical growth phase”
Esperion did not give an explicit reason for Tim Mayleben’s departure from the CEO post, leaving room for speculation. Nicole Vitullo, lead independent director for Esperion, said: “As Esperion enters this critical growth phase, Sheldon’s extensive commercial leadership and product launch experience will be invaluable.”
Precise information regarding Tim Mayleben’s future plans was not immediately available.
“Step down”
Esperion said: “Esperion (NASDAQ: ESPR), today announced the appointment of Sheldon Koenig as president and chief executive officer and board member, effective immediately. With over 30 years of commercial and operational experience as an accomplished leader in the cardiovascular space, Mr. Koenig has served as the company’s chief operating officer since December 2020. He is succeeding Tim Mayleben, who after serving in this role for the last decade, has decided to step down and will continue to serve as a senior advisor to help ensure a smooth transition.”
Esperion further said: “On May 17, 2021, Esperion Therapeutics, Inc. (the “Company”) announced that Tim M. Mayleben was stepping down from his positions as Chief Executive Officer, President, and Principal Executive Officer of the Company, effective as of May 17, 2021 (the “Termination Date”), subject to a post-employment consulting period for nine months following the Termination Date (the “Consulting Period”).”
“Did not result from a disagreement”
“Mr. Mayleben’s decision did not result from a disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Mayleben is also stepping down as a director of the Company effective as of May 17, 2021,” Esperion said.
Share price decline since May 2018
The announcement follows a decline in Esperion Therapeutics Inc.’s share price of 68% since May 2018.
In the position of CEO since 2012
Tim Mayleben became CEO of the Company in 2012.
Tim M. Mayleben has served as the Company’s President and Chief Executive Officer since December 2012 and as a member of the Company’s Board since February 2010.
Prior to joining Esperion, Mayleben was President, CEO and a director of Vericel Corporation (NASDAQ: VCEL) (formerly Aastrom Biosciences).
Previously, Mayleben was President, Chief Operating Officer and a director of NightHawk Radiology Holdings, Inc.
Prior to joining Nighthawk, he was the COO of the original Esperion, until its acquisition by Pfizer in 2004.
Mayleben is an advisor to, investor in, and member of the board of directors of several life science companies, including Kaléo Pharma and Marinus Pharmaceuticals (NASDAQ: MRNS).
Mayleben previously served as a director with several life science companies, including Loxo Oncology, Inc. prior to its acquisition by Eli Lilly, and the Wolverine Venture Fund.
Mayleben earned an M.B.A., with distinction, from the J.L. Kellogg Graduate School of Management at Northwestern University, and a B.B.A. from the University of Michigan, Ross School of Business.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Tim Mayleben’s move on a scale of 0 to 10.
exechange reached out to Esperion and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2021 ($).