- Push-out Score determined
- After almost 20 years in the position
- Praise for Siegall
- Roger Dansey taking over temporarily
- Search for a successor
(exechange) — Bothell, Washington State, May 16, 2022 — Clay Siegall, chief executive of Seagen, leaves — as “mutually agreed.” As announced by Seagen Inc. in a news release and in a regulatory filing published on Monday, May 16, 2022, Clay B. Siegall has left his post as chief executive officer at the biotechnology company, after almost 20 years in the role, effective May 15, 2022.
It is the end of an era.
Seagen will undertake a search for a successor.
Clay Siegall’s duties as CEO have been taken over temporarily by Roger D. Dansey, most recently Chief Medical Officer at Seagen Inc., as interim Chief Executive Officer.
“Thorough investigation into Dr. Siegall’s conduct”
Clay Siegall’s departure from the CEO post is explained as follows. Seagen said: “The Board had previously announced that Dr. Siegall was on a leave of absence and that it had formed a committee of independent directors to undertake, with the assistance of an independent law firm, a thorough investigation into Dr. Siegall’s conduct. While the investigation continues, the Board and Dr. Siegall agreed it is in the best interests of Seagen and its stakeholders for him to resign at this time. Dr. Siegall’s resignation has not been driven by findings from the investigation.”
Precise information regarding Clay Siegall’s future plans was not immediately available.
Seagen said: “[T]he Board of Directors yesterday accepted the resignation of Clay Siegall, Ph.D., as President, CEO and member of the Board of Directors. Felix J. Baker, Ph.D., formerly Lead Independent Director, has been appointed Chair of the Board of Directors. Roger Dansey, M.D., Seagen’s Chief Medical Officer since 2018, will continue as interim CEO until a new CEO is found.”
Seagen further said: “On May 15, 2022, Seagen Inc. (the “Company”) and Clay B. Siegall, Ph.D. entered into a letter agreement (the “Separation Agreement”) pursuant to which the Company and Dr. Siegall mutually agreed that Dr. Siegall will resign as President, Chief Executive Officer and as a member of the Board of Directors (the “Board”) of the Company. Dr. Siegall’s resignation from the foregoing offices and as a member of the Board is effective May 15, 2022 (the “Separation Date”).”
“The investigation remains ongoing”
Seagen further stated: “As previously reported, Dr. Siegall previously took a leave of absence and the Board had formed a committee of independent directors to undertake, with the assistance of an independent law firm, a thorough investigation into Dr. Siegall’s conduct. The investigation remains ongoing.”
Dansey will continue as interim Chief Executive Officer and as the Company’s principal executive officer on an interim basis while the Company conducts a search for a permanent Chief Executive Officer.
Share price increase since May 2017
The announcement follows an increase in Seagen Inc.’s share price of 99% since May 2017.
In the position of CEO since 2002
Clay Siegall became CEO of the Company in 2002.
Clay B. Siegall co-founded Seagen in 1997.
He has served as the Company’s Chief Executive Officer since November 2002, as the Company’s President since June 2000, as one of the Company’s directors since December 1997 and as the Company’s Board chairman since March 2004.
Siegall also served as the Company’s Chief Scientific Officer from December 1997 until November 2002.
Prior to co-founding Seagen, Siegall was with the Bristol-Myers Squibb Pharmaceutical Research Institute from 1991 to 1997, most recently as a Principal Scientist.
From 1988 to 1991, Siegall was a Staff Fellow/Biotechnology Fellow at the National Cancer Institute, National Institutes of Health.
In addition to Seagen, Siegall serves as a director of Nurix Therapeutics, Inc., a publicly-traded biotechnology company, and chairman of the board of Umoja Biopharma, Inc., a privately held biotechnology company.
He previously served as a director of three other publicly-traded biotechnology companies, Alder BioPharmaceuticals, Inc., which was acquired by H. Lundbeck A/S in 2019, Mirna Therapeutics, Inc. and Ultragenyx Pharmaceutical Inc.
Siegall received a Ph.D. in Genetics from George Washington University and a B.S. in Zoology from the University of Maryland.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Clay Siegall’s move on a scale of 0 to 10.
exechange reached out to Seagen and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2022 ($).