- Push-out Score determined
- After almost seven years in the position
- Praise, thanks and good wishes for Black
- Jody Staggs taking over temporarily
(exechange) — Dallas, Texas, September 1, 2022 — Winston Black, chief executive of SWK, leaves — as “mutually agreed.” As announced by SWK Holdings Corp. in a news release and in a regulatory filing published on Thursday, September 1, 2022, Winston L. Black leaves his post as chief executive officer at the life science focused specialty finance company, after almost seven years in the role, effective September 30, 2022.
Winston Black’s duties as CEO will be taken over temporarily by Jody Staggs, most recently Managing Director at SWK Holdings Corp., as interim Chief Executive Officer.
“Focus intently on future shareholder value creation”
SWK did not give an explicit reason for Winston Black’s departure from the CEO post. Robert K. Hatcher, Member of SWK Holdings’ Board of Directors, said: “Winston has guided SWK as a part of its leadership team from our founding, helping establish the company’s disciplined approach to delivering creative, non-dilutive financing structures to small- and mid-sized life sciences companies. As a result of his and the team’s efforts, the company has a strong foundation to move forward and focus intently on future shareholder value creation.”
Precise information regarding Winston Black’s future plans was not immediately available.
“Will leave his positions/depart from his current positions”
SWK said: “Winston Black, Chairman and CEO, will leave his positions at SWK, effective September 30, 2022.”
SWK further said: “On September 1, 2022, SWK Holdings Corporation (the “Company”) announced that the Company and Winston L. Black III, Chief Executive Officer of the Company and a member of its Board of Directors have mutually agreed that Mr. Black would depart from his current positions with the Company, effective September 30, 2022.”
Share price increase since September 2017
The announcement follows an increase in SWK Holdings Corp.’s share price of 55% since September 2017.
In the position of CEO since 2016
Winston Black became CEO of the Company in 2016.
Black was appointed CEO in January 2016.
Prior to that time, Black served as Managing Director.
Black joined SWK in May 2012 from PBS Capital Management, LLC, an investment management business investing in pharmaceutical royalties and healthcare equities that Black co-founded in 2009.
Prior to PBS Capital, Black was a Senior Portfolio Analyst at Highland Capital Management, L.P. from September 2007 to March 2009 where he managed a portfolio of approximately $2 billion in healthcare investments.
Prior to joining Highland, Black served as COO/Analyst and Chief Compliance Officer at Mallette Capital Management, Inc., a $200 million biotech focused hedge fund.
Prior to Mallette Capital, Black was Vice President, Corporate Development for ATX Communications, Inc.
Black began his career as an Analyst in the Healthcare and Telecommunications groups at Salomon Smith Barney.
Black received MBAs with distinction from both Columbia Business School and London Business School and received a BA in Economics from Duke University, where he graduated Cum Laude.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Winston Black’s move on a scale of 0 to 10.
exechange reached out to SWK and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2022 ($).