- Push-out Score suggests push-out forces
- After about a year in the position
- Praise for Perry
- Michael Price taking over
(exechange) — Vancouver, British Columbia, Canada, December 4, 2017 — Greg Perry, finance chief of Novelion, leaves. It is an abrupt change. As announced by Novelion Therapeutics Inc. in a news release on Monday, December 4, 2017, Gregory D. (Greg) Perry leaves his post as chief financial officer at the biopharmaceutical company after about a year in the position, effective immediately.
No company wants a CFO to flame out in the first year.
Perry’s duties will be taken over by Michael Price, most recently chief financial officer at Noven Pharmaceuticals, Inc.
The fact that Perry’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“To pursue other opportunities”
Perry’s sudden departure from the CFO post is explained as follows. Novelion said: “Gregory Perry has resigned as CFO of Novelion to pursue other opportunities, and will remain with the Company until December 31, 2017 to enable an effective transition.”
The phrase “to pursue other opportunities” opens the door to speculation.
Precise information about Perry’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CFO leaves the position abruptly and without a reasonable explanation.
Share price decline
The change follows a sharp decline in the share price of Novelion Therapeutics Inc. since March 2017.
Chaired by Jason M. Aryeh
Novelion Therapeutics Inc. is chaired by Jason M. Aryeh.
Novelion’s Chairman, Jason Aryeh, is the Founder and managing General Partner of JALAA Equities, LP, a private hedge fund focused on the Life Sciences sector, and has served in such capacity since 1997.
In the position of CFO since 2016
Gregory D. Perry has been Chief Financial and Administrative Officer of Novelion Therapeutics Inc. since November 29, 2016.
Prior to Novelion, Gregory Perry was appointed Chief Financial Officer of Aegerion Pharmaceuticals in July of 2015.
Prior to that, Perry served as Chief Financial Officer of Eleven Biotherapeutics.
Before joining Eleven Biotherapeutics, Perry served as the Interim Chief Financial Officer of InVivo Therapeutics.
Prior to joining InVivo, he served as the Executive Vice president and Chief Financial Officer of ImmunoGen.
Before that, he was the Chief Financial Officer of Elixir Pharmaceuticals.
Perry previously was Senior Vice President and Chief Financial Officer of Transkaryotic Therapies.
He has also held various financial leadership roles within PerkinElmer, Honeywell and General Electric.
Perry serves on the board of directors of Ocata Therapeutics.
At the time of Perry’s appointment as chief financial officer at Novelion, Marc Beer, Chief Executive Officer of Aegerion, said: “Greg brings strong financial acumen, global biotech operational expertise and leadership capabilities to Aegerion during an important time in the Company’s evolution. We look forward to his contributions as a member of the executive leadership team as we work on our strategic initiatives and continue to focus on our goals.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Greg Perry’s sudden 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 50.2017 ($).