- Push-out Score suggests signs for push-out forces
- After almost ten years on the job
- Praise and thanks for Clancy
- Greg Covino taking over in the interim
- Search for a successor
- Clancy spoke briefly and said 42 words
(exechange) — Cambridge, Massachusetts, June 13, 2017 — Paul Clancy, finance chief of Biogen, leaves. As announced by Biogen Inc. in a news release and in a regulatory filing published on Tuesday, June 13, 2017, Paul Clancy leaves the post as Chief Financial Officer at the biotechnology company in a surprising move after almost ten years on the job.
Clancy’s move comes five months after Michel Vounatsos took over as CEO of Biogen Inc.
Clancy will remain at the Company through the second quarter of fiscal 2017 and will assist with the transition.
Biogen will undertake a search for a successor.
Clancy’s duties are taken over in the interim by Greg Covino, currently Chief Accounting Officer at Biogen Inc.
The management change is explained as follows. Biogen said: “Paul Clancy, Executive Vice President, Finance & Chief Financial Officer (CFO) will leave the organization to join another biopharmaceutical company.”
Clancy will be CFO at Alexion
“Paul J. Clancy, a seasoned financial executive with 30 years of experience, will join the company on July 10, 2017 and will assume the role of Chief Financial Officer (CFO) effective July 31, 2017,” Alexion Pharmaceuticals, Inc. said. Alexion Pharmaceuticals, Inc. is a biopharmaceutical company.
Biogen said: “On June 10, 2017, Paul Clancy notified Biogen Inc. (the “Company”) that he will step down as Executive Vice President, Finance and Chief Financial Officer of the Company.”
Share price decline
The change follows a decline in the share price of Biogen Inc. since March 2015.
Chaired by Stelios Papadopoulos
Biogen Inc. is chaired by Stelios Papadopoulos.
Stelios Papadopoulos has served on the Company’s Board of Directors since 2008 and was appointed as Chairman in June 2014.
CEO: Michel Vounatsos
Michel Vounatsos serves as CEO of Biogen Inc. Michel Vounatsos is Chief Executive Officer of Biogen and has served in this position and as a member of the Board of Directors since January 2017.
On the job as CFO since 2007
Clancy has been the Chief Financial Officer and Executive Vice President at Biogen Inc. and Biogen Idec since August 13, 2007.
Clancy is Executive Vice President, Finance and Chief Financial Officer of Biogen and has served on the Executive Committee since January 2012.
Clancy joined Biogen in 2001 and has held several senior executive positions with Biogen, including Vice President of Business Planning, Portfolio Management and U.S. Marketing, and Senior Vice President of Finance with responsibilities for leading the Treasury, Tax, Investor Relations and Business Planning groups.
Prior to that, he spent 13 years at PepsiCo, a food and beverage company, serving in a range of financial and general management positions.
Clancy serves on the Board of Directors of Agios Pharmaceuticals, Inc., a biopharmaceutical company.
Clancy received his B.S. in finance from Babson College and M.B.A. from Columbia University.
Push-out Score suggests signs for push-out forces
It is not completely certain what forces eventually triggered Paul Clancy’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 25.2017 ($).