- Signs for push-out forces
- After almost four years on the job
- Laud, praise, thanks and good wishes for Kovacs
- Search for a successor
- Kovacs said 45 words
(exechange) — South Plainfield, New Jersey, April 10, 2017 — Shane Kovacs, finance chief of PTC Therapeutics, leaves. It is a change at short notice. As announced by PTC Therapeutics, Inc. in a news release and in a regulatory filing published on Monday, April 10, 2017, Shane William Charles Kovacs, Chief Financial Officer, leaves the pharmaceutical company in a surprising move after almost four years on the job, effective in mid-May 2017.
PTC Therapeutics will undertake a search for a successor.
Kovacs will be Managing Director of RBC Capital Markets at Royal Bank of Canada
“Shane Kovacs, Chief Financial Officer, will be leaving the company in mid-May 2017 to return to the finance sector, joining RBC Capital Markets as Managing Director where he will help lead the firm’s biotech investment banking efforts,” PTC Therapeutics said.
PTC Therapeutics said: “On April 7, 2017, Shane Kovacs, Executive Vice President, Chief Financial Officer and Head of Corporate Development of PTC Therapeutics, Inc. …, notified the Company of his resignation, which is expected to be effective mid-May 2017.”
Share price decline
The change follows a sharp decline in the share price of PTC Therapeutics, Inc. since April 2015.
Chaired by Michael Schmertzler
PTC Therapeutics, Inc. is chaired by Michael Schmertzler.
Schmertzler has served as a member of PTC’s board of directors since August 2001 and as the Chairman of the board of directors since November 2004.
CEO: Stuart W. Peltz
Stuart W. Peltz serves as CEO of PTC Therapeutics, Inc. Stuart W. Peltz, Ph.D. founded PTC Therapeutics, Inc. in 1998 and has served as Chief Executive Officer and a member of the board of directors since the company’s inception.
On the job as CFO since 2013
Kovacs has been the Chief Financial Officer and Executive Vice President of PTC Therapeutics, Inc. since June 3, 2013 and has been its Head of Corporate Development since January 2015.
Kovacs joined PTC in June 2013.
Prior to joining PTC, Kovacs served as Managing Director, Health Care Investment Banking at Credit Suisse.
In this capacity, he focused on advising life sciences companies on transactions ranging from equity and debt financings to mergers and acquisitions.
He joined Credit Suisse in 2004 and held various positions of increasing responsibility.
Prior to Credit Suisse, Kovacs worked in investment banking at National Bank Financial in Toronto.
Kovacs received an MBA from Richard Ivey School of Business at the University of Western Ontario and a Bachelors of Engineering in Chemical Engineering and a Bachelors of Sciences in Life Sciences from Queen’s University in Kingston, Ontario.
Kovacs is also a CFA Charterholder.
Kovacs is expected to remain with PTC through the closing of PTC’s pending acquisition of all rights to Emflaza (deflazacort) from Marathon Pharmaceuticals, LLC and the reporting of PTC’s first quarter financials to ensure a smooth transition.
Signs for push-out forces
It is not completely certain what forces eventually triggered Shane Kovacs’ imminent 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 16.2017 ($).