- Strong signs for push-out forces
- After almost four years on the job
- Laud, Praise and Thanks for him
- Search for a successor
(management-change.com) — Oakville, Ontario, Canada, October 21, 2016 — Mark Thompson, chief executive of Concordia, leaves. As announced by Concordia International Corp. in a news release on Friday, October 21, 2016, Mark L. Thompson leaves the post as Chief Executive Officer at the specialty pharmaceutical company in a surprising move after almost four years on the job. Thompson will step down as Chief Executive Officer of the Company following the appointment of a successor.
Concordia will undertake a search for a successor.
“Ideal time for a leadership change”
Thompson’s departure is explained as follows. Jordan Kupinsky, Lead Independent Director said: “He and the Board agreed that this would be the ideal time for a leadership change at the Company.”
Thompson will also step down from the Board of Directors, where he serves as Chairman, when a successor has been appointed.
Precise information about the future plans of Thompson was not immediately available.
Share price decline
The change follows a sharp decline in the share price of Concordia International Corp. since September 2015.
On the job as CEO since 2013
Thompson is the Founder of Concordia Healthcare and has been its President and Chief Executive Officer since April 2013.
Thompson was the former Senior Vice President and General Counsel of Legacy Pharma Limited Partnership, co-founder of Trimel Pharmaceuticals and Tribute Pharmaceuticals Inc.
From 2001 to 2005, Thompson was employed by Biovail Corporation (currently Valeant), where he held the title of Vice-President, Business Development and, before that, Associate General Counsel.
While at Biovail, Thompson was actively involved in M&A transactions valued at over $2 billion.
Prior to joining Biovail, Thompson was an associate at Osler, Hoskin and Harcourt LLP.
Thompson holds an H.B.A., and M.A. from York University and an L.L.B. from the University of Ottawa.
As a general rule, when a top leader announces to step down with no successor available, it is a signal that the move was unplanned and too early.
Strong signs for push-out forces
It is not completely certain what forces eventually triggered Mark L. Thompson’s move.
The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 40.2016 ($).