- Signs for push-out forces
- After around three years on the job
- Praise and thanks for Bullock
- Search for a successor
(exechange) — Alachua, Florida, May 01, 2017 — Larry Bullock, finance chief of AGTC, leaves. As announced by Applied Genetic Technologies Corp. in a regulatory filing published on Monday, May 01, 2017, Lawrence E. (Larry) Bullock leaves the post as chief financial officer at the biotechnology company in a surprising move after around three years on the job, effective “in the near future”.
AGTC will undertake a search for a successor.
No reason given
In the announcement, AGTC did not explicitly explain the reason for Bullock’s move, opening the door for speculation.
Precise information about the future plans of Bullock was not immediately available.
AGTC said: “On April 26, 2017, Lawrence E. Bullock, our chief financial officer, notified us of his intention to retire in the near future.”
Share price decline
The change follows a sharp decline in the share price of Applied Genetic Technologies Corp. since August 2016.
Chaired by Scott Koenig
Applied Genetic Technologies Corp. is chaired by Scott Koenig.
CEO: Sue Washer
Sue Washer serves as CEO of Applied Genetic Technologies Corp. Susan B. Washer has been the President and Chief Executive Officer of Applied Genetic Technologies Corporation since March 2002 and has been its Director since November 2003.
On the job as CFO since 2014
Bullock joined AGTC in February 2014.
He has more than 30 years of financial executive management experience, including over two decades as a chief financial officer in the biotechnology industry.
In his previous positions as Chief Financial Officer, he has successfully navigated the IPO process three times, building a body of expertise in all aspects of the financial management of a biotechnology company, including private and public company financing, SEC reporting, and establishing collaborations and licensing agreements between biotechnology and pharmaceutical companies.
Bullock also has experience in marketing-based financial analysis, operations management, and sales.
Prior to joining AGTC, Bullock was Chief Financial Officer and Corporate Secretary at BioMimetic Therapeutics, Inc., which he successfully took public and after nearly a decade with the company, was instrumental in the process of selling it to Wright Medical in 2013.
From 1996 to 2003, he was with Ribozyme Pharmaceuticals, where he served as Chief Financial Officer and also led the company’s IPO process.
Previously, Bullock served as Chief Financial Officer at La Jolla Pharmaceuticals, Inc., which he also took public, and as Chief Financial Officer and a Founding Partner of Natural Products, Inc.
Bullock’s prior experience includes seven years with Warner Lambert, where he held positions of increasing responsibility in cost accounting, international finance and sales.
He holds a Bachelor of Arts degree in Business Administration from Indiana University and a Master of Business Administration in Finance and Marketing from the University of Utah.
As a general rule, when a top leader announces to step aside with no successor in place, it is a signal that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Larry Bullock’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 19.2017 ($).