- Push-out Score suggests push-out forces
- After almost twelve years on the job
- Accolades and praise for Bedrosian
- Search for a successor
- Bedrosian spoke at length and said 84 words
(exechange) — Philadelphia, Pennsylvania, September 25, 2017 — Arthur Bedrosian, chief executive of Lannett, leaves. As announced by Lannett Company, Inc. in a news release on Monday, September 25, 2017, Arthur P. Bedrosian leaves the post as Chief Executive Officer at the maker of generic pharmaceutical products after almost twelve years on the job, effective once a new CEO is appointed.
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 36 percent of the CEOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 9 years, according to data compiled by exechange.
Lannett will undertake a search for a successor.
No reason given
In the announcement, Lannett did not explicitly explain the reason for Bedrosian’s move, leaving room for speculation.
Precise information about the future plans of Bedrosian was not immediately available.
“Agreed to step down”
Lannett said: Arthur Bedrosian “has agreed to step down once a new CEO is appointed”.
Share price decline
The change follows a decline in the share price of Lannett Company, Inc. since April 2015.
Chaired by Jeffrey Farber
Lannett Company, Inc. is chaired by Jeffrey Farber.
Jeffrey Farber was appointed a Director of the Company in May 2006 and was appointed Chairman of the Board of Directors in July 2012.
On the job as CEO since 2006
Bedrosian has served as Lannett’s CEO since 2006.
Bedrosian was elected President of the Company in May 2002 and CEO in January of 2006.
Prior to this, he served as the Company’s Vice President of Business Development from January 2002 to April 2002, and as a Director from February 2000 to January 2002.
Bedrosian has operated generic drug manufacturing, sales, and marketing businesses in the healthcare industry for many years.
Prior to joining the Company, from 1999 to 2001, Bedrosian served as President and Chief Executive Officer of Trinity Laboratories, Inc., a medical device and drug manufacturer.
Bedrosian also operated Pharmaceutical Ventures Ltd, a healthcare consultancy and Interal Corporation, a computer consultancy to Fortune 100 companies.
Bedrosian holds a Bachelor of Arts Degree in Political Science from Queens College of the City University of New York and a Juris Doctorate from Newport University in California.
During the search process, Bedrosian will remain a member of the board of directors.
Following the appointment of a successor, it is expected that Bedrosian will remain with the company in a strategic advisory role, ensuring a seamless transition of leadership responsibilities.
Generally speaking, when a top manager announces to step aside with no successor available, it’s a sign that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Arthur Bedrosian’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 40.2017 ($).