- After almost 17 years in the position
- Mike Graves taking over temporarily
- Search for a successor
(exechange) — Woodcliff Lake, New Jersey, November 29, 2023 — Scott Tarriff, chief executive of Eagle Pharmaceuticals, leaves his position. As announced by Eagle Pharmaceuticals Inc. in a news release and in a regulatory filing published on Wednesday, November 29, 2023, Scott Tarriff has left his post as chief executive officer at the pharmaceutical company, after almost 17 years in the role, effective November 27, 2023.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Eagle Pharmaceuticals will undertake a search for a successor.
Scott Tarriff’s duties as CEO will be taken over temporarily by Michael (Mike) Graves, most recently Chairman of the Board at Eagle Pharmaceuticals Inc., as Interim Executive Chairman.
“In the best interests of the Company and its stockholders”
Eagle Pharmaceuticals did not give an explicit reason for Scott Tarriff’s departure from the CEO post. Eagle Pharmaceuticals stated: “In connection with Mr. Tarriff’s resignation, the Board exercised its discretion to make the determination that it is in the best interests of the Company and its stockholders to accept Mr. Tarriff’s resignation.”
Precise information regarding Scott Tarriff’s future plans was not immediately available.
“Resignation and retirement”
Eagle Pharmaceuticals said: “Effective immediately Scott Tarriff, Founder, President and Chief Executive Officer of the Company, has announced his resignation and retirement from his positions with the Company as President, Chief Executive Officer and Director on the Company’s Board of Directors.”
Eagle Pharmaceuticals further said: “On November 27, 2023, Scott Tarriff, President and Chief Executive Officer of Eagle Pharmaceuticals, Inc. (the “Company”), resigned and retired from his positions with the Company as President, Chief Executive Officer, Principal Executive Officer and Director on the Company’s Board of Directors (the “Board”), effective immediately.”
Share price decline since November 2022
The announcement follows a decline in Eagle Pharmaceuticals Inc.’s share price of 75% since November 2022.
In the position of CEO since 2007
Scott Tarriff became CEO of the Company in 2007.
Scott Tarriff is the Company’s founder and has served as the Company’s Chief Executive Officer and as a member of the Company’s Board since the Company’s inception in January 2007.
Tarriff has also served as the Company’s President since September 2021.
Prior to joining Eagle, Tarriff held various executive positions at Par Pharmaceutical Companies, Inc., a publicly-traded developer, manufacturer and marketer of specialty pharmaceuticals, including as president and chief executive officer from 2003 to 2006, after joining Par in 1998.
Tarriff also served on Par’s board of directors from 2002 to 2006.
Prior to that, Tarriff held various positions with Bristol-Myers Squibb, a publicly-traded biopharmaceutical company, including senior director-marketing.
Tarriff previously served as a director of Synthetic Biologics, Inc., a publicly-traded biotechnology company, from 2012 to November 2020, as a director of Ziopharm Oncology, Inc., a publicly-traded biotechnology company, from 2015 to December 2020 and as a director of Clinical Data, Inc., a publicly-traded pharmaceutical company, from September 2009 to April 2011 when Clinical Data was acquired by Forest Laboratories, Inc.
Tarriff holds a B.S. in marketing from Pennsylvania State University and an M.B.A. from Rider College.
No statement by Scott Tarriff
The announcement of his departure as CEO does not include a statement by Scott Tarriff.
Push-out Score for Scott Tarriff’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Scott Tarriff was pushed out or felt pressure to leave his position.
exechange reached out to Eagle Pharmaceuticals and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2023 ($).