- After about six years in the position
- Praise and thanks for Ciaffoni
- Mike Heffernan taking over temporarily
- Search for a successor
- Ciaffoni kept it short and said 60 words
(exechange) — Stoughton, Massachusetts, May 9, 2024 — Joe Ciaffoni, chief executive of Collegium, leaves his position. As announced by Collegium Pharmaceutical Inc. in a news release on Thursday, May 9, 2024, Joseph (Joe) Ciaffoni leaves his post as chief executive officer at the specialty pharmaceutical company, after about six years in the role, effective May 24, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Collegium will undertake a search for a successor.
Joe Ciaffoni’s duties as CEO will be taken over temporarily by Michael (Mike) Heffernan, a former Chief Executive Officer at Collegium Pharmaceutical Inc., as interim Chief Executive Officer.
No reason given
In the announcement, Collegium did not explicitly explain the reason for the move.
Precise information regarding Joe Ciaffoni’s future plans was not immediately available.
“Step down”
Collegium said: “Joe Ciaffoni will step down as President and Chief Executive Officer … of the Company.”
Share price increase since May 2023
The announcement follows an increase in Collegium Pharmaceutical Inc.’s share price of 66% since May 2023.
In the position of CEO since 2018
Joe Ciaffoni became CEO of the Company in 2018.
Ciaffoni will serve as a member of the Board of Directors of the Company until the upcoming 2024 Annual Meeting of Shareholders and will not stand for re-election at the meeting.
Ciaffoni has served as the Company’s President and Chief Executive Officer, and a director, since July 2018.
Ciaffoni joined the Company in May 2017 as Executive Vice President and Chief Operating Officer.
Prior to joining the Company, he served as President, U.S. Branded Pharmaceuticals of Endo International plc. Before that, Ciaffoni held various positions of increasing responsibility at Biogen, including Senior Vice President, Global Specialty Medicines Group, Senior Vice President, U.S. Commercial and Vice President, U.S. Neurology Field Operations and Marketing.
Prior to joining Biogen, he was Executive Vice President and Chief Operating Officer of Shionogi Inc. and President of Shionogi Pharmaceuticals.
Ciaffoni also previously served as Vice President, Sales for Schering-Plough (now Merck) held several commercial leadership roles at Sanofi-Synthelabo (now Sanofi) and Novartis.
Ciaffoni received a B.A. in Communications and an M.B.A. from Rutgers.
60 words by Joe Ciaffoni
In the release announcing his departure as CEO of Collegium Pharmaceutical Inc., Joe Ciaffoni received praise and thanks.
In the release announcing his departure as CEO, Joe Ciaffoni kept it short and said 60 words.
“Recognize additional growth and success”
Joe Ciaffoni stated: “In my time at Collegium, I have worked with an exceptional group of colleagues. I am proud of our collective accomplishments that made positive impacts on the lives of people living with serious medical conditions and the communities we serve while creating value for shareholders. Collegium is well positioned with a strong leadership team to recognize additional growth and success.”
The above text is an excerpt from the exechange report 20.2024 ($), publication date May 13, 2024.