- Push-out Score suggests push-out forces
- After eleven years on the job
- Praise for Sawhney
- Antony Mattessich taking over
- Sawhney will remain as Executive Chairman at Ocular Therapeutix
- Sawhney spoke at length and said 115 words
(exechange) — Bedford, Massachusetts, June 22, 2017 — Amar Sawhney, chief executive of Ocular Therapeutix, leaves the position. As announced by Ocular Therapeutix, Inc. in a news release and in a regulatory filing published on Thursday, June 22, 2017, Amarpreet (Amar) Sawhney leaves the post as Chief Executive Officer at the biopharmaceutical company after eleven years on the job, effective on or before September 30, 2017.
It is the end of an era.
Sawhney’s duties are taken over by Antony Mattessich, currently Managing Director at Mundipharma.
The fact that Sawhney’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“In line with Ocular’s strategic plan and growth objectives”
The management change is explained as follows. Ocular Therapeutix said: “[I]n line with Ocular’s strategic plan and growth objectives, Antony Mattessich will succeed Dr. Amar Sawhney as Chief Executive Officer, on or before September 30, 2017.”
Sawhney will remain as Executive Chairman at Ocular Therapeutix
Until September 30 or before that time, Sawhney will continue to serve as Chief Executive Officer and Chairman of the Board of Directors, and will then transition to an Executive Chairman role.
“As Executive Chairman, Dr. Sawhney will continue to devote substantial business time to Ocular Therapeutix,” Ocular Therapeutix said.
Ocular Therapeutix said: “Dr. Sawhney will continue to serve as President and CEO of the Company until September 18, 2017 or such other date on or prior to September 30, 2017 as a new CEO commences employment with the Company.”
Share price decline
The change follows a decline in the share price of Ocular Therapeutix, Inc. since March 2015.
Jennison holds 12.77 percent stake
Jennison Associates LLC reported a 12.77 percent stake in Ocular Therapeutix, Inc. as of March 30, 2017. Jennison is an investment advisory firm located in New York.
On the job as CEO since 2006
Amarpreet Sawhney has served as President, Chief Executive Officer and a member of the Company’s Board since co-founding the Company in 2006, and he was elected as Chairman of the Board in June 2014.
Sawhney served as CEO of Augmenix, an affiliate of Ocular Therapeutix, from 2008 until April 2014.
In addition, he is a general partner of Incept, LLC, an intellectual property holding company.
Previously, Sawhney founded Confluent Surgical and served as its President and CEO prior to its acquisition by Covidien plc.
He also was a technology founder of Focal, Inc., a biopharmaceutical company acquired by Genzyme Corporation, and a founder of AccessClosure, Inc., acquired by Cardinal Health in 2014.
Sawhney’s innovations are the subject of over 100 issued and pending patents.
He holds M.S. and Ph.D. degrees in chemical engineering from the University of Texas at Austin, as well as a B.Tech. in chemical engineering from the Indian Institute of Technology, Delhi India.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Amar Sawhney’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 26.2017 ($).