- After about seven years in the position
- Praise and thanks for Friedman
- Bill Sibold taking over
(exechange) — Conshohocken, Pennsylvania, September 11, 2023 — Paul Friedman, chief executive of Madrigal, leaves his position. As announced by Madrigal Pharmaceuticals Inc. in a news release on Monday, September 11, 2023, Paul A. Friedman leaves his post as chief executive officer at the clinical-stage biopharmaceutical company, after about seven years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Paul Friedman’s duties as CEO will be taken over by William J. (Bill) Sibold, most recently Executive Vice President, Specialty Care and President, North America at Sanofi.
The fact that Paul Friedman’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Extensive experience launching specialty medications”
Madrigal did not give an explicit reason for Paul Friedman’s departure from the CEO post. Julian Baker, Chairman of the Board of Directors, stated: “Bill Sibold is an ideal leader to guide Madrigal into its next phase of growth. His extensive experience launching specialty medications in new therapeutic categories will be invaluable as Madrigal transitions from a clinical development-stage company to a fully integrated commercial organization.”
Precise information regarding Paul Friedman’s future plans was not immediately available.
Madrigal said: “Bill Sibold has succeeded Paul Friedman, M.D., as Chief Executive Officer (CEO) and joined Madrigal’s Board of Directors.”
Share price increase since September 2022
The announcement follows an increase in Madrigal Pharmaceuticals Inc.’s share price of 167% since September 2022.
In the position of CEO since 2016
Paul Friedman became CEO of the Company in 2016.
Friedman, who has served as Madrigal’s CEO since 2016, will continue to serve on the Board of Directors.
Friedman has served as the Company’s Chairman and Chief Executive Officer since July 22, 2016.
Friedman also currently serves on the Board of Prelude Therapeutics, a publicly-held biopharmaceutical company, where he serves as non-executive Chairman.
Friedman served as the Chief Executive Officer of Incyte from November 2001 until his retirement in January 2014.
Friedman served from 1994 to 1998, as President of Research & Development for the DuPont-Merck Pharmaceutical Company and from 1998 to 2001 as President of DuPont Pharmaceuticals Research Laboratories, a wholly-owned subsidiary of the DuPont Company.
From 1991 to 1994, he served as Senior Vice President at Merck Research Laboratories.
Prior to his tenures at Merck and DuPont, Friedman was an Associate Professor of Medicine and Pharmacology at Harvard Medical School.
Friedman is a diplomat of the American Board of Internal Medicine and a member of the American Society of Clinical Investigation.
He also previously served on the board of directors of the following publicly-held pharmaceutical companies in the last five years: Incyte (from November 2001 through May of 2021); Alexion Pharmaceuticals (through its acquisition by AstraZeneca in 2021); Cerulean Pharma Inc. (now Daré Bioscience, Inc.) (through January of 2017); and Verastem, Inc. (through April of 2017).
Friedman received his A.B. in Biology from Princeton University and his M.D. from Harvard Medical School.
Friedman and Taub, the Company’s Chief Medical Officer, President, Research & Development, and a director, are married to each other.
No statement by Paul Friedman
In the release announcing his departure as CEO of Madrigal Pharmaceuticals Inc., Paul Friedman received praise and thanks.
The announcement of his departure as CEO does not include a statement by Paul Friedman.
Push-out Score for Paul Friedman’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Paul Friedman was pushed out or felt pressure to leave his position.
exechange reached out to Madrigal and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2023 ($).