- After almost 16 years in the position
- Praise and thanks for Stack
- Search for a successor
- Stack spoke at length and said 160 words
(exechange) — Tampa, Florida, September 26, 2023 — Dave Stack, chief executive of Pacira, leaves his position. As announced by Pacira BioSciences Inc. in a news release and in a regulatory filing published on Tuesday, September 26, 2023, David (Dave) Stack leaves his post as chief executive officer at the provider of non-opioid pain management and regenerative health products, after almost 16 years in the role, effective when a new CEO is appointed.
It is the end of an era.
Pacira will undertake a search for a successor.
“The time has come”
The planned management change is explained as follows. Stack stated: “As we approach the next phase of growth, the time has come to begin to transition leadership.”
Precise information regarding Dave Stack’s future plans was not immediately available.
Pacira said: “David (“Dave”) Stack will retire from his role as Chairman and Chief Executive Officer.”
Pacira further said: “On September 20, 2023, David Stack informed the Board of Directors (the “Board”) of Pacira BioSciences, Inc. (the “Company”) that he intends to retire as Chief Executive Officer of the Company and as a member of the Board effective immediately following the appointment of his successor as Chief Executive Officer in order to ensure a smooth transition of leadership.”
Share price decline since September 2022
The announcement follows a decline in Pacira BioSciences Inc.’s share price of 37% since September 2022.
In the position of CEO since 2007
Dave Stack became CEO of the Company in 2007.
Dave Stack became President, CEO, and a member of the Board of Directors of Pacira in December 2007.
With more than 25 years of successful industry experience in both large public and small private companies, Stack is evolving Pacira from a sustained release injectable technology company into a fully integrated, acute care pharmaceutical company.
Stack also remains a Managing Director at MPM Capital, and President and General Partner of Stack Pharmaceuticals, Inc., a firm assisting emerging healthcare companies in the commercialization of their products since 1998.
Stack is also a Director of PepTx.
From September 2001 to August 2004, Stack was President, CEO and a Director of the The Medicines Company.
During this time, he was recognized as the Ernst and Young Entrepreneur of the Year in 2003 (New Jersey Healthcare).
Prior to The Medicines Company, Stack was the President and General Manager of Innovex Inc., a commercial solutions company.
From 1993 to 1995, Stack was the Vice President of Business Development and Marketing for Immunomedics, Inc., and from 1992 to 1993, Stack had been the Director of Business Development and Planning for Infectious Disease, Oncology and Virology of Roche Laboratories.
He held other commercial positions with Roche Laboratories for almost 11 years.
Stack holds a degree in pharmacy from Albany College and a BS in biology from Siena College.
160 words by Dave Stack
In the release announcing his departure as CEO of Pacira BioSciences Inc., Dave Stack received praise and thanks.
In announcing his departure, Dave Stack spoke at length and said 160 words.
“Generating value for stockholders”
Dave Stack stated: “Leading Pacira for the last 16 years has been the highlight of my professional career and I am extremely proud of all we have accomplished during that time. We have built a strong company and team with a portfolio of three best-in-class opioid-sparing commercial assets. As we approach the next phase of growth, the time has come to begin to transition leadership. I am committed to supporting a smooth succession while generating value for stockholders, and in the meantime remain focused on advancing our important mission of providing non-opioid pain management options to as many patients as possible. I will work closely with the board on the search for my successor to ensure the company is positioned for further success. I also want to take this opportunity to thank our dedicated team of employees who continue to demonstrate an unwavering commitment to helping patients and communities by ending the era of opioids as the standard of care for pain management.”
Push-out Score for Dave Stack’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Dave Stack was pushed out or felt pressure to leave his position.
exechange reached out to Pacira and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2023 ($).