- Significant signs for push-out forces
- After about 13 years on the job
- Scott Storer to take over
(management-change.com) — Cambridge, Massachusetts, November 02, 2016 — Rick Shea, finance chief of Momenta, leaves. It is a change at short notice. As announced by Momenta Pharmaceuticals, Inc. in a news release and in a regulatory filing published on Wednesday, November 02, 2016, Richard P. (Rick) Shea leaves the post as Chief Financial Officer at the biotechnology company after about 13 years on the job, effective November 28, 2016.
It is the end of an era.
Shea’s duties are taken over by Scott M. Storer, most recently Senior Vice President, Finance at Baxalta, Inc.
The fact that Shea’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Momenta did not explicitly explain the reason for Shea’s imminent move, leaving room for speculation.
Momenta said: Rick Shea “will be retiring”.
Precise information about the future plans of Shea was not immediately available.
Share price decline
The change follows a decline in the share price of Momenta Pharmaceuticals, Inc. since June 2015.
Chaired by James Sulat
Momenta Pharmaceuticals, Inc. is chaired by James Sulat.
James R. Sulat has been a director since June 2008 and has served as chairman of the board since December 2008. From October 2009 to June 2013, Sulat served as the Chief Executive Officer and Chief Financial Officer of Maxygen, Inc., a biopharmaceutical company.
Craig A. Wheeler serves as CEO of Momenta Pharmaceuticals, Inc. Wheeler joined Momenta as CEO in September of 2006.
On the job as CFO since 2003
Richard P. Shea has been Chief Financial Officer and Senior Vice President of Finance at Momenta Pharmaceuticals Inc. since October 2003 and August 15, 2007, respectively.
Shea joined Momenta in October of 2003.
During his tenure Momenta has raised over $380 million, including the company’s IPO in June 2004.
He was previously Chief Operating Officer, Chief Financial Officer and Treasurer at Variagenics, Inc., a pharmacogenomics company, where he assisted in raising over $120 million, including their IPO in July 2000.
While at Variagenics, Shea was responsible for Finance, Legal, Investor Relations, Human Resources and Operations.
Prior to this, Shea was Vice President of Finance at Genetics Institute, Inc. (now Pfizer), and a Senior Manager at PricewaterhouseCoopers.
Significant signs for push-out forces
It is not completely certain what forces eventually triggered Rick Shea’s move.
The Push-out Score™ determined by management-change.com suggests significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 41.2016 ($).