- Signs for push-out forces
- After almost six years on the job
- Laud and praise for Pellini
- Troy Cox taking over
- Pellini will remain as chairman at Foundation Medicine
(management-change.com) — Cambridge, Massachusetts, January 06, 2017 — Mike Pellini, chief executive of Foundation Medicine, leaves the position. It is a change at short notice. As announced by Foundation Medicine, Inc. in a news release on Friday, January 06, 2017, Michael (Mike) Pellini leaves the post as Chief Executive Officer at the maker of genomic analysis diagnostics for solid and circulating cancers in a surprising move after almost six years on the job, effective February 06, 2017.
Pellini’s duties are taken over by Troy Cox, most recently Senior Vice President and Officer at Roche-Genentech.
The fact that Pellini’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
Two years ago, the parent company of Genentech, Switzerland-based Roche Holding AG, bought a majority of the shares of Foundation Medicine, in what was thought to be a possible move to acquire the company outright. Roche still owns 60 percent of the company today.
“Ability to attract Troy”
A reason for the imminent change was not explicitly given. Pellini said: “My decision to change roles at Foundation Medicine has been made easier by the presence of an experienced senior management team, and our ability to attract Troy, who has a proven track record of achievement, to Foundation Medicine.”
“As part of the succession of its executive leadership”
Foundation Medicine said: “Foundation Medicine … today announced that, as part of the succession of its executive leadership, the Board of Directors has appointed Troy Cox, a highly regarded global biopharma leader, as chief executive officer to succeed Michael Pellini, M.D.”
Pellini will remain as chairman at Foundation Medicine
Pellini, who has served as chief executive officer of the company since 2011, has been appointed chairman of the company’s Board of Directors.
Alexis Borisy, founding chief executive officer and current chairman of the board for Foundation Medicine, will continue to serve on the Board of Directors. Cox will also join the Board of Directors. All of these changes will become effective by February 6, 2017.
Share price decline
The change follows a decline in the share price of Foundation Medicine, Inc. since April 2015.
Chaired by Alexis Borisy
Foundation Medicine, Inc. is chaired by Alexis Borisy.
Borisy joined the life sciences venture capital firm Third Rock Ventures in 2009 to focus on the formation, development and strategy of new companies. He co-founded Foundation Medicine and served as the company’s interim CEO through May 2011.
On the job as CEO since 2011
Pellini has been Chief Executive Officer and Director at Foundation Medicine, Inc. since May 12, 2011.
Pellini joined Foundation Medicine as President and Chief Executive Officer in May 2011, bringing a breadth of experience in life sciences and the clinical diagnostics and laboratory industries to the company.
Pellini came to Foundation Medicine from Clarient, a GE Healthcare Company, where he held the position of President and Chief Operating Officer.
Pellini joined GE Healthcare through the integration of Clarient, Inc., where he worked with the company’s leadership team to drive operational excellence and reimbursement strategies in parallel with the development and commercialization of multiple diagnostic tests.
Pellini’s leadership was instrumental in building Clarient to the highly successful acquisition by GE Healthcare in October 2010.
Prior to his tenure with Clarient, Pellini served as Vice President, Life Sciences at Safeguard Scientifics, Inc. where he leveraged his business and medical expertise to explore new market opportunities and to support Safeguard’s partner companies.
Prior to Safeguard, he was Executive Vice President and Chief Operating Officer at Lakewood Pathology Associates, a national molecular pathology services company, which was acquired by Water Street Healthcare Partners in 2006.
Previously, Pellini was an Entrepreneur-in-Residence at BioAdvance, where he was responsible for identifying early-stage life science opportunities.
He also served as President and Chief Executive Officer of Genomics Collaborative, Inc., a Boston-based biotech firm that was acquired by SeraCare Life Sciences, Inc. in 2004.
Pellini received a BA from Boston College, an MBA from Drexel University and an MD from Jefferson Medical College of Thomas Jefferson University.
He is a board member of the Personalized Medicine Coalition and serves on the President’s Leadership Council of Jefferson Medical College.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mike Pellini’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 02.2017 ($).