Celgene COO Jackie Fouse leaves post at short notice

  • Signs for push-out forces
  • After about a year on the job
  • Laud, praise, thanks and good wishes for Fouse
  • Scott Smith taking over

(management-change.com) — Summit, New Jersey, February 23, 2017 — Jackie Fouse, operating chief of Celgene, leaves. It is a change at short notice. As announced by Celgene Corporation in a news release and in a regulatory filing published on Thursday, February 23, 2017, Jacqualyn (Jackie) Fouse leaves the post as Chief Operating Officer at the biotechnology company in a surprising move after about a year on the job, effective April 01, 2017.

No company wants a COO to flame out in the first year.

In many companies, the chief operating post is a steppingstone to the CEO suite.

Fouse leaves the company effective June 30, 2017.

Fouse’s duties are taken over by Scott Smith, most recently President of Global Inflammation and Immunology at Celgene Corporation.

No reason given

In the announcement, Celgene did not explicitly explain the reason for Fouse’s imminent move, leaving room for speculation.

Alarm signal

Generally speaking, it is often an alarm signal for shareholders when a top leader leaves the position at short notice and without comprehensible reasons being given.

“Retire”

Celgene said: Fouse “has decided to retire from Celgene effective June 30, 2017.”

Precise information about the future plans of Fouse was not immediately available.

Share price rise since April 2009

The change follows a rise in the share price of Celgene Corporation since April 2009.

Chaired by Robert Hugin

Celgene Corporation is chaired by Robert J. Hugin.

Hugin serves as Celgene’s Executive Chairman. He assumed that role on March 1, 2016.

CEO: Mark J. Alles

Mark J. Alles serves as CEO of Celgene Corporation. He assumed the role on March 1, 2016. Previously he served as President and Chief Operating Officer.

On the job as COO since 2016

Fouse was promoted to President and Chief Operating Officer on March 1, 2016.

In February 2016, Fouse was elected to the Board of Directors.

Previously she was President, Global Hematology and Oncology since July 2014.

Fouse joined the Company in September 2010 as Senior Vice President and Chief Financial Officer and became Executive Vice President and Chief Financial Officer in February 2012.

Before Celgene, Fouse served as Chief Financial Officer of Bunge Limited, a leading global agribusiness and food company (Bunge), starting in July 2007.

Before Bunge, Fouse was at Alcon Laboratories serving as Senior Vice President, Chief Financial Officer, and Head of Corporate Strategy at Alcon Laboratories between 2002 and 2007.

Fouse was the Chief Financial Officer at Swissair Group from 2001 to 2002.

Fouse held a variety of senior finance positions at Nestlé S.A. from 1993 to 2001, including serving as Group Treasurer of Nestlé from 1999 to 2001.

Fouse also worked in finance at Alcon from 1986 to 1993 and held several positions, including Manager Corporate Investments and Domestic Finance.

Earlier in her career, she worked at Celanese Chemical and LTV Aerospace and Defense.

Fouse earned a B.A. and an M.A. in Economics and a Ph.D. in Finance from the University of Texas at Arlington.

Since 2010, Fouse has served as a member of the Board of Directors of Dick’s Sporting Goods (chairperson of the audit committee), an NYSE-listed company.

She served on the Board of Directors of the Perrigo Company (member of the audit committee), an NYSE-listed company, from November 2012 to April 2016.

She will continue to serve as President and COO until April 1, and through June 30, she will serve as a strategic advisor to the management team.

In connection with announcing her decision to retire from Celgene, she informed the Board that she would not stand for reelection to the Celgene Board.

Signs for push-out forces

It is not completely certain what forces eventually triggered Jackie Fouse’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 09.2017 ($).