- Push-out Score determined
- After about five years in the position
- Praise and thanks for Baluch
- Matt David taking over temporarily
- Search for a successor
(exechange) — Berkeley Heights, New Jersey, October 5, 2021 — Khoso Baluch, chief executive of CorMedix, leaves — by “mutual agreement.” As announced by CorMedix Inc. in a news release published on Monday, October 4, 2021, and in a regulatory filing published on Tuesday, October 5, 2021, Khoso Baluch leaves his post as chief executive officer at the biopharmaceutical company, after about five years in the role, effective immediately.
CorMedix will undertake a search for a successor.
Khoso Baluch’s duties as CEO will be taken over temporarily by Matthew (Matt) David, currently Chief Financial Officer at CorMedix Inc., as interim Chief Executive Officer.
Khoso Baluch’s move coincides with a management shake-up also involving the position of EVP for Technical Operations.
No reason given
In the announcement, CorMedix did not explicitly explain the reason for the move.
Precise information regarding Khoso Baluch’s future plans was not immediately available.
“Retiring”
CorMedix said: “Khoso Baluch is retiring from his role as Chief Executive Officer, effective October 4, 2021, and has also resigned from the Company’s Board of Directors.”
CorMedix further said: “On October 1, 2021, the Company and Khoso Baluch came to a mutual agreement pursuant to which Mr. Baluch will retire from his position as the Company’s Chief Executive Officer, effective October 4, 2021. Mr. Baluch has also resigned from the Company’s Board of Directors.”
“Did not resign as director due to any disagreement”
“Mr. Baluch did not resign as director due to any disagreement with the Company,” CorMedix said.
Share price decline since January 2021
The announcement follows a decline in CorMedix Inc.’s share price of 35% since January 2021.
In the position of CEO since 2016
Khoso Baluch became CEO of the Company in 2016.
Baluch will serve the Company in an advisory capacity to facilitate a smooth transition.
Khoso Baluch joined the Company’s Board in October 2016 upon his appointment as the Company’s Chief Executive Officer.
Baluch previously served as Senior Vice President and President Europe, Middle East & Africa of UCB, SA, or UCB, from January 2015 to April 2016, Senior Vice President and President of the European Region of UCB from February 2013 to December 2014, and Senior Vice President and Chief Marketing Officer of UCB from January 2010 to February 2013.
Prior to joining UCB, Baluch worked for Eli Lilly and Company for 24 years, holding international positions spanning Europe, the Middle East and the United States in general management, business development, market access and product leadership.
He has served as an independent director of Poxel SA, a French publicly traded biotech company, since 2013, and chairs its compensation committee. He also serves as a member of the business development and scientific committees of Poxel SA.
Baluch holds a BSc in Aeronautical Engineering from City University London and a Masters of Business Administration from Cranfield School of Management.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Khoso Baluch’s move on a scale of 0 to 10.
exechange reached out to CorMedix and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 41.2021 ($).