- Signs for push-out forces
- After less than a year and a half on the job
- Laud and thanks for Pavey
- Joerg Hornstein takes over
(management-change.com) — Lausanne, Switzerland, November 23, 2016 — George Pavey, finance chief of AC Immune, leaves. As announced by AC Immune SA in a news release on Wednesday, November 23, 2016, George Pavey leaves the post as Chief Financial Officer at the clinical stage biopharmaceutical company in a surprising move after less than a year and a half on the job, effective Q1 2017.
No company wants a CFO to flame out in the first years.
Pavey’s duties are taken over by Joerg Hornstein, most recently Senior Vice President Group Controlling at Unternehmensgruppe Theo Müller.
The fact that Pavey’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, AC Immune did not explicitly explain the reason for Pavey’s move, opening the door for speculation.
“After its recent successful IPO”
AC Immune said: George Pavey “is leaving the Company after its recent successful IPO”.
Precise information about the future plans of Pavey was not immediately available.
Share price decline
The change follows a sharp decline in the share price of AC Immune SA since November 18, 2016.
Chaired by Martin Velasco
AC Immune SA is chaired by Martin Velasco.
Andrea Pfeifer serves as CEO of AC Immune SA. In 2003 Prof. Dr. Andrea Pfeifer co-founded AC Immune where she holds since foundation the position of CEO.
On the job as CFO since 2015
Pavey has been the Chief Financial Officer at AC Immune SA since July 2015.
Before joining AC Immune, Pavey was an independent financial advisor to a broad range of private and public companies.
Before this, Pavey was an investment banker at various financial institutions including Credit Suisse, UBS and HSBC.
His most recent role at Credit Suisse was that of Co-Head of the Global Markets Solutions Group for Asia-Pacific where he was responsible for Credit Suisse’s equity and debt capital markets businesses and structured products business across Asia-Pacific.
He has a degree in Bachelor of Arts from the Richard Ivey School of Business, Canada.
He is also a Chartered Financial Analyst.
Signs for push-out forces
It is not completely certain what forces eventually triggered George Pavey’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 44.2016 ($).