Xeris CEO Paul Edick leaves

  • After about three years in the position
  • Praise and thanks for Edick
  • John Shannon taking over
  • Edick said 82 words

(exechange) — Chicago, Illinois, July 8, 2024 — Paul Edick, chief executive of Xeris, leaves his position. As announced by Xeris Biopharma Holdings Inc. in a news release and in a regulatory filing published on Monday, July 8, 2024, Paul R. Edick leaves his post as chief executive officer at the biopharmaceutical company, after about three years in the role, effective August 1, 2024.

Generally speaking, it raises questions when a CEO leaves his post at short notice.

Paul Edick’s duties as CEO will be taken over by John P. Shannon, currently President and Chief Operating Officer at Xeris Biopharma Holdings Inc.

“Now is the right time”

The management change is explained as follows. Marla S. Persky, Xeris board member, stated: “With such a strong foundation and a very high performing team, the Board has determined now is the right time to initiate our long-standing CEO succession plan and leadership transition.”

Precise information regarding Paul Edick’s future plans was not immediately available.

“Retiring/transition”

Xeris said: “Xeris Biopharma Holdings, Inc. …, a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced a CEO succession plan effective August 1, 2024, under which Paul R. Edick will be retiring from his day-to-day operational and Chairman role at Xeris after more than seven years with the Company.”

Xeris further said: “[E]ffective August 1, 2024 …, Paul R. Edick will transition from his role as Chief Executive Officer and Chairman of the Board of Directors of the Company … and will become a Senior Advisor to the Company. Mr. Edick will serve as a Senior Advisor through February 1, 2026.”

Share price decline since July 2021

The announcement follows a decline in Xeris Biopharma Holdings Inc.’s share price of 49% since July 2021.

In the position of CEO since 2021

Paul Edick became CEO of the Company in 2021.

Edick will serve in a senior advisory role to Xeris through February 1, 2026.

The Company also announced that Marla S. Persky will be Chairperson of the Board effective August 1, 2024.

Edick has served as the Company’s Chief Executive Officer since May 2021 in connection with the Strongbridge acquisition.

Edick joined Xeris Pharmaceuticals, Inc. in January 2017 as President and Chief Executive Officer and was appointed as Chairman in June 2018.

As of August 2020, Edick relinquished the President title he held at Xeris Pharmaceuticals, Inc.

From 2010 to 2014, Edick was the chief executive officer of Durata Therapeutics, Inc., a biopharmaceutical company, prior to its acquisition in November 2014.

Prior to that, Edick was chief executive officer of Ganic Pharmaceuticals, Inc., a Warburg Pincus investment search vehicle, from 2008 to 2010.

Before that, from 2006 to 2008, Edick was chief executive officer of MedPointe Healthcare, Inc., a pharmaceutical company, and served as its president of pharmaceutical operations from 2002 to 2006.

Edick has previously served on a number of pharmaceutical and healthcare company boards, including Milestone Pharmaceuticals Inc. from April 2019 until December 2020, Circassia Pharmaceuticals Plc from January 2013 until May 2016, Sucampo Pharmaceuticals, Inc. from August 2016 until February 2018, Iterum Therapeutics Limited from April 2015 until May 2019, Durata Therapeutics from July 2010 until November 2014, NewLink Genetics Corp. from July 2011 until April 2018, Neos Therapeutics, Inc. from April 2015 until May 2018 and PDL BioPharma, Inc. from September 2015 until December 2018.

Edick received a B.A. degree in psychology from Hamilton College.

82 words by Paul Edick

In the release announcing his departure as CEO of Xeris Biopharma Holdings Inc., Paul Edick received praise and thanks.

In the release announcing his departure as CEO, Paul Edick said 82 words.

“Supporting him in this transition”

Paul Edick stated: “It has been an honor to lead this incredible company and team. Together, we have grown from a small startup with less than a dozen employees to a successful commercial organization with over 400 employees, three marketed products, and the underlying technologies to continue advancing both our internal and partnered pipelines. John and I have worked closely together for more than seven years. His contributions and leadership have been instrumental to our success. I look forward to supporting him in this transition.”

The above text is an excerpt from the exechange report 29.2024 ($), publication date July 15, 2024.