- After less than three years in the position
- Responsibilities redistributed
(exechange) — Cambridge, Massachusetts, December 4, 2023 — Tim Clackson, chief executive of Theseus, leaves his position. As announced by Theseus Pharmaceuticals Inc. in a regulatory filing published on Monday, December 4, 2023, Timothy P. (Tim) Clackson leaves his post as chief executive officer at the clinical-stage biopharmaceutical company, after less than three years in the role, effective December 7, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice and after a short tenure.
Following Tim Clackson’s departure, the position of Chief Executive Officer will not be filled for the time being. Tim Clackson’s responsibilities are being redistributed.
Tim Clackson’s move coincides with a management shake-up also involving the position of Chief Medical Officer.
“Reduction in workforce”
The management change is explained as follows. Theseus stated: “As part of a reduction in workforce, Theseus Pharmaceuticals, Inc. (the “Company”) terminated the employment of Timothy P. Clackson, Ph.D. as President and Chief Executive Officer of the Company, effective as of December 7, 2023 (the “Separation Date”), without cause. In connection with the termination, Dr. Clackson resigned from his position as a member of the Board of Directors of the Company (the “Board”), effective as of the Separation Date.”
Precise information regarding Tim Clackson’s future plans was not immediately available.
Share price decline since December 2022
The announcement follows a decline in Theseus Pharmaceuticals Inc.’s share price of 41% since December 2022.
In the position of CEO since 2021
Tim Clackson became CEO of the Company in 2021.
Timothy P. Clackson has served as the Company’s President and Chief Executive Officer and as a member of the Company’s Board of Directors since May 2021.
From May 2018 until April 2021, Clackson was President, Chief Technology Officer and Executive Vice President of Research and Development at Xilio Therapeutics Inc. (“Xilio”).
Prior to joining Xilio, Clackson served as President of Research and Development and Chief Scientific Officer at ARIAD Pharmaceuticals, Inc., which was acquired by Takeda Pharmaceutical Company Limited in February 2017 (“ARIAD”), from June 2010 to May 2017.
Prior to that, Clackson served as ARIAD’s Senior Vice President and Chief Scientific Officer from 2003, and in other roles from December 1994.
Clackson has served as a member of the Board of Directors of Elevation Oncology, Inc. (Nasdaq: ELEV) since May 2020.
During the past five years, Clackson has served as a member of the Board of Directors of Forma Therapeutics Holdings, Inc. (formerly Nasdaq: FMTX), Spring Bank Pharmaceuticals, Inc. (formerly Nasdaq: SBPH), and the Massachusetts Biotechnology Council. Clackson holds a Bachelor of Arts, with Honors, in Biochemistry from the University of Oxford and a Doctorate in Biology from the University of Cambridge.
No statement by Tim Clackson
The announcement of his departure as CEO does not include a statement by Tim Clackson.
Push-out Score for Tim Clackson’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Tim Clackson was pushed out or felt pressure to leave his position.
exechange reached out to Theseus and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2023 ($).