- Signs for push-out forces
- After almost ten years on the job
- Laud, praise and thanks for Murphy
- Taylor J. Crouch taking over
- Murphy will remain as chairman at Organovo
- Murphy spoke at length and said 157 words
(exechange) — San Diego, California, April 11, 2017 — Keith Murphy, chief executive of Organovo, leaves the position. It is a change at short notice. As announced by Organovo Holdings, Inc. in a news release and in a regulatory filing published on Tuesday, April 11, 2017, Keith Murphy, chief executive officer, leaves the 3D bioprinting company in a surprising move after almost ten years on the job, effective April 21, 2017.
Murphy’s duties are taken over by Taylor J. Crouch, most recently chief executive officer at eStudySite.
The fact that Murphy’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“To pursue entrepreneurial opportunities”
The imminent management change is explained as follows. Organovo said: “Keith Murphy will be stepping down as chief executive officer to pursue entrepreneurial opportunities, effective April 21, 2017.”
The phrase “to pursue entrepreneurial opportunities” opens the door to speculation.
Murphy will remain as chairman at Organovo
“Murphy will remain chairman of the board, and will serve as an advisor to the Company to ensure a seamless transition and offer his counsel and expertise,” Organovo said.
Organovo said: “Keith Murphy, its current chief executive officer and president, will resign from the Company, effective April 21, 2017.”
Share price decline
The change follows a decline in the share price of Organovo Holdings, Inc. since February 2014.
On the job as CEO since 2007
Keith Murphy has been the Chief Executive Officer and President of Organovo Holdings, Inc. since July 2007.
Murphy has more than 20 years of experience in biotechnology, including co-founding Organovo in 2007 and serving in Product Strategy and Director of Process Development roles at Amgen.
His ten years at Amgen included four years as Global Operations Leader for the largest development program in Amgen’s history, Phase 3 osteoporosis/bone cancer drug denosumab.
At Amgen, he also worked to develop several other novel formulation and device products.
Prior to Amgen, he played a central role at Alkermes, Inc. on the development team for their first approved product, Nutropin (hGH) Depot.
He holds a B.S. in chemical engineering from the Massachusetts Institute of Technology and is an alumnus of the UCLA Anderson School of Management.
Signs for push-out forces
It is not completely certain what forces eventually triggered Keith Murphy’s 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 ($).