- Push-out Score determined
- After around 17 years in the position
- Praise and thanks for Chalmers
- Chris Posner taking over
- Chalmers said 122 words
(exechange) — Stamford, Connecticut, November 3, 2021 — Derek Chalmers, chief executive of Cara Therapeutics, leaves — “a mutual decision.” As announced by Cara Therapeutics Inc. in a news release and in a regulatory filing published on Wednesday, November 3, 2021, Derek Chalmers leaves his post as chief executive officer at the clinical-stage biopharmaceutical company, after around 17 years in the role, effective November 8, 2021.
It is the end of an era.
Derek Chalmers’s duties as CEO will be taken over by Christopher (Chris) Posner, most recently Chief Executive Officer at LEO Pharma, Inc., the US affiliate of LEO Pharma A/S.
Already a director
Posner is already a director of Cara Therapeutics. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
Having been a director, Posner understands the expectations and dynamics of the board and has knowledge of Cara Therapeutics’s organization, risk-management practices and strategy.
“Now is the right time”
Derek Chalmers’s departure from the CEO post is explained as follows. Chalmers said: “As KORSUVA injection moves toward commercial launch, now is the right time to make this transition.”
Cara Therapeutics said: “Mr. Posner succeeds Dr. Derek Chalmers, who will transition to a Senior Advisor role.”
Cara Therapeutics further said: “Dr. Chalmers’s last date of employment with the Company as its President and CEO is November 8, 2021. … Dr. Chalmers’s departure from the Company is the result of a mutual decision given that the Company is at a transformative time in its growth and development as it prepares to launch and commercialize KORSUVATM (CR845/difelikefalin) injection.”
Share price increase since November 2016
The announcement follows an increase in Cara Therapeutics Inc.’s share price of 144% since November 2016.
In the position of CEO since 2004
Derek Chalmers became CEO of the Company in 2004.
Derek Chalmers, Ph.D., D.Sc., one of the Company’s founders, has served as the Company’s President and Chief Executive Officer since September 2004 and has served as a member of the Board since July 2004.
Chalmers has over 25 years’ experience in the biotechnology industry with increasing levels of corporate and business responsibilities.
Prior to founding Cara, Chalmers co-founded Arena Pharmaceuticals, Inc. (Nasdaq: ARNA), a drug discovery and development company, and served as its Vice President and Executive Director from June 1997 until May 2004.
Chalmers holds a D.Sc. and Ph.D. in Pharmacology from the University of Glasgow.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Derek Chalmers’s move on a scale of 0 to 10.
exechange reached out to Cara Therapeutics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2021 ($).