- Signs for push-out forces
- After three years on the job
- Bert Marchio taking over in the interim
(exechange) — Berkeley Heights, New Jersey, March 13, 2017 — Andy Einhorn, finance chief of Edge, leaves. It is an abrupt change. As announced by Edge Therapeutics, Inc. in a regulatory filing published on Monday, March 13, 2017, Andrew J. (Andy) Einhorn, Chief Financial Officer, has already left the biotechnology company in a surprising move after three years on the job, effective March 10, 2017.
Einhorn’s duties are taken over in the interim by Bert Marchio, currently Chief Accounting and Administrative Officer at Edge Therapeutics, Inc.
“To pursue other interests”
The sudden management change is explained as follows. Edge said: “Andrew J. Einhorn, previously Edge’s Chief Financial Officer, left Edge effective March 10, 2017 to pursue other interests.”
The phrase “to pursue other interests” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Einhorn was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the post abruptly and without a reasonable explanation.
Share price decline
The change follows a decline in the share price of Edge Therapeutics, Inc. since January 2017.
Chaired by Sol Barer
Edge Therapeutics, Inc. is chaired by Sol Barer.
Sol Barer has served on the Edge Therapeutics, Inc. Board of Directors since September of 2011 and is the current Board Chairman.
CEO: Brian Leuthner
Brian Leuthner serves as CEO of Edge Therapeutics, Inc. Brian A. Leuthner has been the Co-Founder, President and CEO of Edge Therapeutics, Inc. since its inception and also serves on the company’s board of directors.
On the job as CFO since 2014
Einhorn served as the Chief Financial Officer at Edge Therapeutics, Inc. since March 2014.
Previously, he served as the Executive Vice President, Corporate Development of the company.
Einhorn has more than 10 years of experience in the pharmaceutical industry developing and executing corporate strategy.
He also has more than 20 years of experience as an investment banker working extensively in corporate finance, capital markets and financial analysis.
His experience includes numerous acquisition and licensing transactions across a variety of therapeutic areas and geographies.
Prior to joining Edge Therapeutics, Einhorn was an independent consultant, served as CFO at Myos Corporation and was the Executive Vice President and Chief Financial Officer at Oceana Therapeutics, Inc.
Einhorn was licensed as a Certified Public Accountant in New Jersey and a graduate of The American University where he completed a double major in Finance and Accounting.
As a general rule, when a top leader announces to step down with no permanent successor available, it is a sign that the move was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Andy Einhorn’s 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 12.2017 ($).