- Push-out Score determined
- After about four years in the position
- Praise, thanks and good wishes for Turgeon
- Tom Riga taking over
(exechange) — Henderson, Nevada, December 1, 2021 — Joe Turgeon, chief executive of Spectrum Pharmaceuticals, leaves. As announced by Spectrum Pharmaceuticals Inc. in a news release on Wednesday, December 1, 2021, Joseph W. (Joe) Turgeon, chief executive officer, leaves the biopharmaceutical company, after about four years in the role, effective December 31, 2021.
Joe Turgeon’s duties as CEO will be taken over by Thomas J. (Tom) Riga, currently Chief Commercial and Chief Operating Officer at Spectrum Pharmaceuticals Inc.
“Progress our two lead product candidates to commercialization”
Spectrum Pharmaceuticals did not give an explicit reason for Joe Turgeon’s departure from the CEO post. William Ashton, Chairman of Spectrum’s Board of Directors, said: “We welcome Tom as the new CEO of Spectrum and look forward to the continued benefits of his entrepreneurial and executive experience as we work to progress our two lead product candidates to commercialization.”
Precise information regarding Joe Turgeon’s future plans was not immediately available.
“Retire”
Spectrum Pharmaceuticals said: “Spectrum and Joseph Turgeon, President and CEO, have agreed that Mr. Turgeon will retire from Spectrum on December 31, 2021, after nine years with the company. Accordingly, he will also be stepping down from Spectrum’s Board of Directors.”
Share price decline since December 2017
The announcement follows a decline in Spectrum Pharmaceuticals Inc.’s share price of 92% since December 2017. December 2017 is the month in which Turgeon’s tenure as CEO began.
In the position of CEO since 2017
Joe Turgeon became CEO of the Company in 2017.
Joseph Turgeon is Spectrum’s President and Chief Executive Officer.
He became President and Chief Executive Officer in December 2017.
Turgeon served as the Company’s President and Chief Operating Officer from April 2014 to December 2017, and from October 2012 to April 2014, he served as the Company’s Senior Vice President and Chief Commercial Officer.
He was appointed to the Spectrum Board in December 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Joe Turgeon’s move on a scale of 0 to 10.
exechange reached out to Spectrum Pharmaceuticals and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2021 ($).