- After less than two years in the position
- Search for a successor
- Leschly is expected to remain as Chairman at 2seventy bio
- Leschly made a lengthy statement and said 201 words
(exechange) — Cambridge, Massachusetts, September 12, 2023 — Nick Leschly, chief executive of 2seventy bio, leaves his position. As announced by 2seventy bio Inc. in a news release and in a regulatory filing published on Tuesday, September 12, 2023, Nick Leschly leaves his post as chief executive officer at the biotechnology company, after less than two years in the role, effective upon the Board’s identification of his successor.
Generally speaking, it raises questions when a CEO leaves his post after a short tenure.
2seventy bio will undertake a search for a successor.
Nick Leschly’s move coincides with a management shake-up also involving the position of Chief Operating Officer.
No reason given
In the announcement, 2seventy bio did not explicitly explain the reason for the move.
Leschly is expected to remain as Chairman at 2seventy bio
2seventy bio stated: “The Company expects that Mr. Leschly will be appointed Chairman of the Board upon this transition.”
2seventy bio said: “Nick Leschly has informed the Company’s Board of Directors that he intends to step down as CEO upon the Board’s identification of his successor.”
2seventy bio further said: “On September 11, 2023, Nick Leschly, the Company’s president and chief executive officer, notified the Company’s board of directors of his intent to resign as president and chief executive officer upon the Board’s identification of his successor.”
Share price decline since September 2022
The announcement follows a decline in 2seventy bio Inc.’s share price of 72% since September 2022.
In the position of CEO since 2021
Nick Leschly became CEO of the Company in 2021.
Leschly has been a member of the Company’s Board of Directors, the Company’s president since May 4, 2021, and the Company’s chief executive officer since the separation by bluebird bio of its oncology portfolio and programs into 2seventy bio.
On November 4, 2021, bluebird bio, Inc. announced the company has completed the spin-off of its oncology programs and portfolio into 2seventy bio, Inc., an independent, publicly-traded company.
Prior to the separation, Leschly served as bluebird bio’s chief executive officer since September 2010.
Prior to joining bluebird bio, Leschly served as a partner of Third Rock Ventures, L.P. (“Third Rock”).
From its founding in 2007, Leschly played an integral role in the overall formation, development and business strategy of several of Third Rock’s portfolio companies, including Agios Pharmaceuticals, Inc.
Prior to joining Third Rock, he worked at Millennium Pharmaceuticals, Inc. (now a subsidiary of Takeda), leading several early-stage drug development programs and served as the product and alliance leader for VELCADE.
Leschly currently serves as a member of the board of directors of Synlogic, Inc., bluebird bio, Inc., and the Biotechnology Innovation Organization.
He received his B.S. in molecular biology from Princeton University and his M.B.A. from The Wharton School of the University of Pennsylvania.
201 words by Nick Leschly
In announcing his departure, Nick Leschly made a lengthy statement and said 201 words.
“Hard but necessary steps”
Nick Leschly stated: “2seventy’s mission remains the same: to unleash the power of the T-cell and develop un-incremental treatments for people living with cancer. However, the macro environment for oncology cell therapy companies and the near-term headwinds we have seen in our own business have led us to examine how we pursue our mission. Today we are taking hard but necessary steps to streamline our team and optimize our R&D approach and cost structure. In this process, we have focused on how to move efficiently and more cost effectively to develop innovative therapies for patients and create value for shareholders. Unfortunately, we will be saying goodbye to many highly talented and committed members of our team. I want to thank each of them for their amazing dedication to 2seventy and our mission to help those in need, doing everything we can to deliver more TIME… After nearly 14 years as CEO of bluebird and 2seventy I feel beyond grateful and humbled to have had the opportunity to help bring four cell therapies to patients and do our part to advance the field. I very much look forward to continuing to work closely with the board and leadership team to advance 2seventy’s mission for patients.”
Push-out Score for Nick Leschly’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Nick Leschly was pushed out or felt pressure to leave his position.
exechange reached out to 2seventy bio and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2023 ($).