- Push-out Score suggests push-out forces
- After around eleven years on the job
- Praise and good wishes for Schoell
- Mani Mohindru taking over
(exechange) — Stamford, Connecticut, August 01, 2017 — Josef Schoell, finance chief of Cara, leaves. It is a change at short notice. As announced by Cara Therapeutics, Inc. in a news release on Tuesday, August 01, 2017, Josef Schoell leaves the post as Chief Financial Officer at the biopharmaceutical company after around eleven years on the job, effective August 15, 2017.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 18 percent of the CFOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 5.6 years, according to data compiled by exechange.
Schoell’s duties are taken over by Mani Mohindru, most recently Chief Strategy Officer at Curis, Inc.
The move is a generational change as well. Mani Mohindru is about 22 years younger than Josef Schoell.
The fact that Schoell’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Cara did not explicitly explain the reason for Schoell’s imminent move, opening the door for speculation.
Precise information about the future plans of Schoell was not immediately available.
Cara said: “Josef Schoell, who has held the CFO position at Cara for more than a decade, will be retiring.”
Share price decline
The change follows a sharp decline in the share price of Cara Therapeutics, Inc. since June 2017.
RHO Capital Partners holds 10.98 percent stake
RHO Capital Partners Inc. reported a 10.98 percent stake in Cara Therapeutics, Inc. as of March 30, 2017. RHO Capital Partners is a private equity firm.
CEO: Derek Chalmers
Derek Chalmers serves as CEO of Cara Therapeutics, Inc. Chalmers is a co-founder and has served as President, Chief Executive Officer and Director of Cara since 2004.
On the job as CFO since 2006
Schoell has served as the Company’s Chief Financial Officer since May 2006.
He joined Cara in May 2005 and served as the Company’s Controller between then and May 2006.
Schoell has over 20 years of financial and accounting experience, including 18 years in the biotechnology industry.
From 2003 until joining the company in May 2005, Schoell was a consultant with Robert Half Management Resources, a provider of accounting and financial professionals.
From 1995 to 2002, he served as the Chief Financial Officer and Vice President – Finance, of American Biogenetic Sciences Inc., a biotechnology company.
Schoell received a B.S. in Accounting from the New York University Stern School of Business and is a Certified Public Accountant.
Schoell is a member of the American Institute of Certified Public Accountants and Financial Executives International.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Josef Schoell’s imminent 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 32.2017 ($).