- Signs for push-out forces
- After almost five years on the job
- Thanks and good wishes for Baker
- Search for a successor
- Baker said 59 words
(exechange) — Phoenix, Arizona, May 16, 2017 — Darryl Baker, finance chief of Insys, leaves. As announced by Insys Therapeutics, Inc. in a news release and in a regulatory filing published on Tuesday, May 16, 2017, Darryl S. Baker leaves the post as Chief Financial Officer at the specialty pharmaceutical company in a surprising move after almost five years on the job, effective when a successor is hired.
Baker’s move comes shortly after Saeed Motahari took over as CEO of Insys Therapeutics, Inc. and four months after Steven J. Meyer took over as chairman of Insys Therapeutics, Inc.
Insys will undertake a search for a successor.
No reason given
In the announcement, Insys did not explicitly explain the reason for Baker’s move, opening the door for speculation.
Precise information about the future plans of Baker was not immediately available.
“Will transition from the role of CFO”
Insys said: “Darryl S. Baker, the Company’s Chief Financial Officer …, will transition from the role of CFO when a successor is hired.”
Share price decline
The change follows a sharp decline in the share price of Insys Therapeutics, Inc. since August 2015.
Scopia holds 9.94 percent stake
Scopia Capital Management LP reported a 9.94 percent stake in Insys Therapeutics, Inc. as of December 30, 2016. Scopia is a hedge fund.
Chaired by Steven J. Meyer
Insys Therapeutics, Inc. is chaired by Steven J. Meyer.
On January 9, 2017, Insys Therapeutics, Inc. announced that effective January 9, 2017, Steven Meyer has been appointed Chairman of the Board.
CEO: Saeed Motahari
Saeed Motahari serves as CEO of Insys Therapeutics, Inc. Saeed Motahari joined Insys as the President and Chief Executive Officer on April 17, 2017.
On the job as CFO since 2012
Darryl S. Baker has served as the Company’s Chief Financial Officer since October 2012.
From 1997 to 2012, Baker served as Chief Financial Officer and Corporate Controller for various publicly traded and entrepreneurial companies, including iGo, a developer of power management solutions and accessories for mobile electronic devices, Integrated Information Systems, a provider of secure integrated information technology solutions, and SkyMall, an integrated specialty retailer.
Prior to 1997, Baker was an audit manager for Ernst & Young LLP.
Baker has extensive experience in accounting, SEC issues for smaller public companies, merger and acquisition transactions, and small business financing.
Baker earned his B.S. in Accountancy from the Marriott School of Management at Brigham Young University and is a Certified Public Accountant in the states of California and Arizona and is also a Chartered Global Management Accountant.
As a general rule, when a top leader announces to step down with no successor in place, it is a signal that the move was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Darryl Baker’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 21.2017 ($).