- Signs for push-out forces
- After almost seven years on the job
- Laud for Harvey
- Pepe Carmona taking over
(exechange) — Waltham, Massachusetts, May 15, 2017 — Nick Harvey, finance chief of Radius, leaves. It is an abrupt change. As announced by Radius Health, Inc. in a news release and in a regulatory filing published on Monday, May 15, 2017, Brian Nicholas (Nick) Harvey leaves the post as Chief Financial Officer at the biopharmaceutical company in a surprising move after almost seven years on the job, effective immediately.
Harvey’s duties are taken over by Pepe Carmona, most recently Chief Financial Officer at Innocoll Holdings plc.
The fact that Harvey’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Radius did not explicitly explain the obviously compelling reason for Harvey’s sudden move, opening the door for speculation.
Precise information about the future plans of Harvey was not immediately available.
Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.
Radius said: “Mr. Carmona succeeds Nick Harvey as Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Treasurer of the Company effective as of May 15, 2017.”
Share price decline
The change follows a decline in the share price of Radius Health, Inc. since July 2015.
Chaired by Kurt C. Graves
Radius Health, Inc. is chaired by Kurt C. Graves.
Kurt C. Graves has served on the Company’s Board since May 2011 and as Chairman of the Board since November 2011.
CEO: Robert E. Ward
Robert E. Ward serves as CEO of Radius Health, Inc. Robert E. Ward has served as the Company’s President and Chief Executive Officer and as a member of the Company’s Board since December 2013.
On the job as CFO since 2010
Nick Harvey has served as the Company’s Senior Vice President, Chief Financial Officer, Treasurer and Secretary since November 2010, and served as a member of the Company’s Board of Directors from November 2010 until the consummation of the merger of the Company’s predecessor company with Radius in May 2011.
Prior to that, Harvey served as the Chief Financial Officer and Senior Vice President of the Company’s predecessor company from December 2006 until the merger.
Harvey received a Bachelor of Economics degree and a Bachelor of Laws degree with first-class honors from the Australian National University and an M.B.A. from the Harvard Business School.
Nick Harvey will continue as an advisor to the Company in the areas of Finance, Business Development and Strategy during a transition period.
Signs for push-out forces
It is not completely certain what forces eventually triggered Nick Harvey’s sudden 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 21.2017 ($).