- Push-out Score determined
- After around 11 years in the position
- Accolades and praise for Desai
- Brendan Delaney taking over
- Desai will remain as Executive Chairman at Aadi
- Desai spoke at length and said 145 words
(exechange) — Los Angeles, California, November 8, 2022 — Neil Desai, chief executive of Aadi, leaves his position. As announced by Aadi Bioscience Inc. in a news release on Tuesday, November 8, 2022, Neil Desai leaves his post as chief executive officer at the commercial-stage biopharmaceutical company, after around 11 years in the role, effective January 1, 2023.
Neil Desai’s duties as CEO will be taken over by Brendan Delaney, currently Chief Operating Officer at Aadi Bioscience Inc.
“A perfect time”
Neil Desai’s departure from the CEO post is explained as follows. Desai said: “In a period of little over a year, we have evolved into a commercial stage company with the approved product FYARRO® for advanced malignant PEComa, have launched a new tumor agnostic registration trial PRECISION 1 with a potentially large cancer indication, are adequately financed through key long-term milestones and have put in place a stellar management team. This is a perfect time for this transition.”
Desai will remain as Executive Chairman at Aadi
“Aadi Bioscience, Inc. (NASDAQ: AADI), a commercial-stage biopharmaceutical company focused on precision therapies for genetically-defined cancers with alterations in mTOR pathway genes, today announced the appointment of Neil Desai, Founder, President and CEO to Executive Chairman and Brendan Delaney, Chief Operating Officer, to President and CEO, effective as of January 1, 2023,” Aadi said.
Share price decline since November 2021
The announcement follows a decline in Aadi Bioscience Inc.’s share price of 52% since November 2021.
In the position of CEO since 2011
Neil Desai became CEO of the Company in 2011.
Neil Desai, Ph.D. founded Private Aadi in October 2011 and served as President, Chief Executive Officer, and a member of the board of directors of Private Aadi from inception until the closing of the Merger in August 2021, at which time he became the Company’s President, Chief Executive Officer and a member of the Company’s board of directors.
From October 2010 to October 2016, Desai served as Vice President, Strategic Platforms at Celgene Corporation (now Bristol Myers Squibb), a global biopharmaceutical company.
Prior to Celgene, Desai served as Senior Vice President, Global Research and Development at Abraxis BioScience, Inc., a biotechnology company, from November 2008 until Abraxis BioScience was acquired by Celgene Corporation in October 2010 and as Vice President, Research & Development at Abraxis BioScience from March 1999 to October 2008.
Desai has also previously served in positions of increasing seniority at American BioScience, Inc. and its predecessor companies.
Desai holds a M.S and Ph.D. in Chemical Engineering from the University of Texas at Austin, and a B.S. in Chemical Engineering from the University Institute of Chemical Technology in Mumbai, India.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Neil Desai’s move on a scale of 0 to 10.
exechange reached out to Aadi and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2022 ($).