- Signs for push-out forces
- After around five years on the job
- Laud, praise and thanks for Thomas
- No successor named
- Thomas spoke at length and said 92 words
(exechange) — Waltham, Massachusetts, March 06, 2017 — Frank Thomas, operating chief of AMAG, leaves. It is a change at short notice. As announced by AMAG Pharmaceuticals, Inc. in a news release and in a regulatory filing published on Monday, March 06, 2017, Frank Thomas, chief operating officer, leaves the biopharmaceutical company in a surprising move after around five years on the job, effective April 30, 2017.
In many companies, the chief operating post is a steppingstone to the CEO suite.
AMAG did not name a replacement for the position of chief operating officer.
The move is part of a management shake-up.
“Spend some time with my family and pursue the next chapter in my career”
The imminent management change is explained as follows. Thomas said: “Implementation of the company’s strategic plan is on track, the management team is strong, and it’s the right time for me to step aside, spend some time with my family and pursue the next chapter in my career.”
The phrases “spend some time with my family” and “pursue the next chapter in my career” are often used in corporate announcements and open the door to speculation.
Precise information about the future plans of Thomas was not immediately available.
AMAG said: “On March 2, 2017, Frank E. Thomas informed AMAG Pharmaceuticals, Inc. … of his intention to resign as President and Chief Operating Officer of the Company.”
Share price decline
The change follows a sharp decline in the share price of AMAG Pharmaceuticals, Inc. since July 2015.
Chaired by Gino Santini
AMAG Pharmaceuticals, Inc. is chaired by Gino Santini.
Gino Santini has been a director since February 2012 and chairman of the board since April 2014.
CEO: William K. Heiden
William K. Heiden serves as CEO of AMAG Pharmaceuticals, Inc. Heiden has been chief executive officer of AMAG since May 2012 and served as president from May 2012 through April 2015.
On the job as COO since 2011
Thomas has been the President and Chief Operating Officer of AMAG Pharmaceuticals, Inc. since April 1, 2015 and November 4, 2011 respectively and served as its Executive Vice President since joining on August 1, 2011 until April 1, 2015.
Prior to joining AMAG in 2011, Thomas served as senior vice president, chief operating officer and chief financial officer for Molecular Biometrics, a medical diagnostics company focused on reproductive medicine.
Thomas also served as president and chief executive officer at Critical Therapeutics and was responsible for leading a turnaround effort while also serving on the Board of Directors.
Prior to that, he was chief financial officer and vice president of finance and investor relations at Esperion Therapeutics, Inc. and held various positions within finance at Mechanical Dynamics, Inc. and Arthur Anderson LLP.
Thomas served as a member of the board of directors for the Massachusetts Biotechnology Council from 2007 to 2015 and is also a member of the board of directors for Zafgen, Inc.
Thomas holds a Bachelor of Business Administration from the University of Michigan, Ann Arbor.
Thomas has agreed to stay with AMAG through April 30, 2017 to assist with transition matters, at which time William K. Heiden, the Company’s Chief Executive Officer, will assume the title of President.
Signs for push-out forces
It is not completely certain what forces eventually triggered Frank Thomas’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 11.2017 ($).