- After about a year in the position
- Thanks and good wishes for Manion
- Neal Walker taking over temporarily
- Manion kept it short and said 27 words
(exechange) — Wayne, Pennsylvania, January 19, 2024 — This news came shortly after Martin Luther King Jr. Day. Doug Manion, chief executive of Aclaris, leaves his position — as “mutually agreed.” As announced by Aclaris Therapeutics Inc. in a news release published on Tuesday, January 16, 2024, and in a regulatory filing published on Friday, January 19, 2024, Douglas (Doug) Manion leaves his post as chief executive officer at the biopharmaceutical company, after about a year in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Doug Manion’s duties as CEO will be taken over temporarily by Neal Walker, most recently Chairman at Aclaris Therapeutics Inc., as Interim Chief Executive Officer.
“The timing was right”
The management change is explained as follows. Walker stated: “As the Company looks to reset in 2024, we agreed that the timing was right for this transition.”
Precise information regarding Doug Manion’s future plans was not immediately available.
“Step down”
Aclaris said: “Aclaris and Douglas Manion, M.D. have mutually agreed that Dr. Manion will step down as Aclaris’ Chief Executive Officer and President and member of the Board of Directors, effective immediately. In connection with his departure, the Board has appointed Dr. Neal Walker, Aclaris’ Chairman of the Board of Directors, as Interim Chief Executive Officer.”
Aclaris further said: “On January 15, 2024, the Company and Douglas Manion mutually agreed that Dr. Manion will step down as the Company’s Chief Executive Officer and President and resign from the Board of Directors (the “Board”), effective January 16, 2024.”
“Not the result of any disagreement”
Aclaris stated, regarding the change: “Dr. Manion’s resignation from the Board was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
Share price decline since January 2023
The announcement follows a decline in Aclaris Therapeutics Inc.’s share price of 94% since January 2023. January 2023 is the month in which Manion’s tenure as CEO began.
In the position of CEO since 2023
Doug Manion became CEO of the Company in 2023.
Douglas Manion has served as the Company’s Chief Executive Officer and President and as a member of the Company’s Board since January 2023.
He joined the Company in August 2022 as President and Chief Operating Officer.
Prior to joining the Company, Manion served as Executive Vice President of Research & Development of Arena Pharmaceuticals, Inc., a biopharmaceutical company, from July 2021 until its acquisition by Pfizer Inc. in March 2022.
Manion previously served as Chief Executive Officer of Global BioShield, a not-for-profit company developing immunotherapies for COVID, from January to July 2021.
He also served as Chief Executive Officer of Kleo Pharmaceuticals, Inc., an immuno-oncology company, from 2017 until its acquisition by Biohaven Pharmaceutical Holding Company Ltd. in January 2021.
Between 2005 and 2016, Manion served in roles of increasing responsibility at Bristol-Myers Squibb (BMS), mostly recently as Senior Vice President, Head of Specialty Development and Head of R&D China and Japan.
During his tenure at BMS, he held leadership roles overseeing global clinical research, clinical development, pharmacovigilance and biostatistics across various therapeutic areas, including virology, immunology, neurology, cardiology, metabolic diseases, genetically-defined diseases and fibrosis. Manion’s previous biopharmaceutical experience included leadership roles at GlaxoSmithKline, DuPont Pharmaceuticals and DuPont Merck Pharmaceuticals.
Manion received a B.A.Sc degree in Civil Engineering followed by an M.D. degree from the University of Ottawa in Canada.
He is Board Certified in Internal Medicine, completed an Infectious Diseases Clinical Fellowship from the University of Ottawa and completed a post-doctoral research fellowship at Massachusetts General Hospital and Harvard Medical School.
Manion serves on the board of directors of the private biopharmaceutical company Lakewood-Amedex, Inc.
27 words by Doug Manion
In the release announcing his departure as CEO of Aclaris Therapeutics Inc., Doug Manion received thanks and good wishes.
In announcing his departure, Doug Manion kept it short and said 27 words.
“It has been a privilege”
Doug Manion stated: “It has been a privilege to have been part of Aclaris Therapeutics and I am proud of the work our amazing team conducted to further scientific research.”
Push-out Score for Doug Manion’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Doug Manion’s move on a scale of 0 to 10.
Read the full story in the exechange report 4.2024 ($).