- Push-out Score determined
- After about four years in the position
- Praise and thanks for Hughes
- Nadim Ahmed taking over
(exechange) — Cambridge, Massachusetts, October 18, 2021 — Owen Hughes, chief executive of Cullinan, leaves. As announced by Cullinan Oncology Inc. in a news release and in a regulatory filing published on Monday, October 18, 2021, Owen Hughes leaves his post as chief executive officer at the biopharmaceutical company, after about four years in the role, effective immediately.
Owen Hughes’s duties as CEO will be taken over by Nadim Ahmed, most recently Executive Vice President and President of Hematology at Bristol-Myers Squibb Company.
The fact that Owen Hughes’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Cullinan did not explicitly explain the reason for the move.
Precise information regarding Owen Hughes’s future plans was not immediately available.
Cullinan said: “Mr. Ahmed succeeds Owen Hughes, who resigned as CEO and as a member of the Company’s Board of Directors.”
Share price decline since March 2021
The announcement follows a decline in Cullinan Oncology Inc.’s share price of 48% since March 2021.
In the position of CEO since 2017
Owen Hughes became CEO of the Company in 2017.
Hughes will take on the role of Strategic Advisor to the company to support the transition.
Hughes has served as the Company’s Chief Executive Officer and member of the Company’s board of directors since September 2017.
He also serves as an Advisor at MPM Capital, a healthcare investment firm.
Before joining the Company, Hughes served as the Chief Business Officer and Head of Corporate Development at Intarcia Therapeutics, Inc., a biopharmaceutical company, from February 2013 through August 2017.
Prior to this, he was a Director at Brookside Capital Investors, L.P., or Brookside Capital, a hedge fund under the Bain Capital, LP umbrella, from May 2008 through February 2013.
Prior to his tenure at Brookside Capital, Hughes was Senior Portfolio Manager at Pyramis Global Advisors LLC, a Fidelity Investments Company, from May 2006 to May 2008.
Hughes has more than 16 years of Wall Street experience, on both the buy and sell-side. He currently serves as the Chairman of the board of directors of Radius Health, Inc., or Radius (Nasdaq: RDUS), as well as a board member at Translate Bio, Inc. (Nasdaq: TBIO), FS Development Corp. II (Nasdaq: FSII) and Wren Therapeutics, Inc., a private company.
Hughes holds a B.A. in History from Dartmouth College.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Owen Hughes’s move on a scale of 0 to 10.
exechange reached out to Cullinan and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2021 ($).