- After about nine months in the position
- Praise and thanks for Myers
- Steve Mahoney taking over
(exechange) — Waltham, Massachusetts, October 30, 2023 — Scott Myers, chief executive of Viridian, leaves his position. As announced by Viridian Therapeutics Inc. in a news release and in a regulatory filing published on Monday, October 30, 2023, Scott D. Myers has left his post as chief executive officer at the biotechnology company, after about nine months in the role, effective October 29, 2023.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Scott Myers’s duties as CEO will be taken over by Stephen (Steve) Mahoney, most recently President, Chief Financial and Operating Officer at Magenta Therapeutics, Inc.
The fact that Scott Myers’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.
Scott Myers’s move coincides with a management shake-up also involving the positions of Chief Operating Officer; and Chief Business Officer.
“To drive expanded strategic priorities”
Viridian did not give an explicit reason for Scott Myers’s departure from the CEO post. Viridian stated: “New Chief Executive Officer to Drive Expanded Strategic Priorities; Stephen Mahoney’s appointment as President and Chief Executive Officer combines his leadership and track record of operational execution with the company’s strategy of delivering potentially best-in-class next generation molecules in commercially established disease areas. Viridian’s pipeline is comprised of intravenous and subcutaneous IGF-1R inhibitors for patients with TED and, as of today’s announcement, next generation FcRn inhibitors for the treatment of autoimmune diseases.”
Precise information regarding Scott Myers’s future plans was not immediately available.
Viridian said: “Scott Myers’s departure as President and CEO of the company was effective as of October 29, 2023.”
Viridian further said: “Scott Myers ceased serving as President and Chief Executive Officer of the Company, effective October 29, 2023.”
“Not the result of any disagreements”
Viridian stated, regarding the change: “Mr. Myers’ departure was not the result of any disagreements with the Company relating to the Company’s operations, policies or practices.”
Share price decline since February 2023
The announcement follows a decline in Viridian Therapeutics Inc.’s share price of 67% since February 2023. February 2023 is the month in which Myers’s tenure as CEO began.
In the position of CEO since 2023
Scott Myers became CEO of the Company in 2023.
Myers has served as the Company’s President, Chief Executive Officer and member of the Company’s Board since February 2023.
Prior to joining Viridian, he served as President and Chief Executive Officer of AMAG Pharmaceuticals, Inc., a pharmaceutical company, from April 2020 through its acquisition by Covis Group in October 2020.
Previously, Myers served as Chief Executive Officer and chairman of the board of directors of Rainier Therapeutics, Inc., formerly known as BioClin Therapeutics, Inc., an oncology biotechnology company focused on late-stage bladder cancer from June 2018 until January 2020, and as Chief Executive Officer, a member of the board of directors of Cascadian Therapeutics, Inc., an oncology company, from April 2016 through its acquisition by Seattle Genetics in March 2018 and a member of the board of directors of Sensorion SA (EPA: ALSEN) from December 2021 until March 2023.
Prior to Cascadian, Myers served as Chief Executive Officer of Aerocrine AB, a medical device company, from 2011 through its acquisition by Circassia Pharmaceuticals plc in 2015. He is currently a member of the boards of directors of Selecta Biosciences, Inc. (Nasdaq: SELB), which he joined in June 2019, Dynavax Technologies Corporation (Nasdaq: DVAX), which he joined in October 2021, and Harpoon Therapeutics (Nasdaq: HARP), which he joined in August 2018.
Myers previously served on the boards of directors of Cascadian Therapeutics, Inc. from April 2016 until its acquisition by Seattle Genetics in March 2018 and Trillium Therapeutics Inc. from April 2021 until its acquisition by Pfizer Inc. in November 2021.
Myers received a B.A. in Biology from Northwestern University and an M.B.A. from the University of Chicago Booth School of Business.
No statement by Scott Myers
In the release announcing his departure as CEO of Viridian Therapeutics Inc., Scott Myers received praise and thanks.
The announcement of his departure as CEO does not include a statement by Scott Myers.
Push-out Score for Scott Myers’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Scott Myers was pushed out or felt pressure to leave his position.
exechange reached out to Viridian and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2023 ($).