Lion CFO Greg Schiffman leaves at short notice

  • Signs for push-out forces
  • After less than one year on the job
  • Thanks and good wishes for Schiffman
  • Responsibilities redistributed
  • Search for a successor

(exechange) — San Carlos, California, May 26, 2017 — Greg Schiffman, finance chief of Lion, leaves. It is a change at short notice. As announced by Lion Biotechnologies, Inc. in a news release and in a regulatory filing published on Thursday, May 25, 2017, Gregory (Greg) Schiffman leaves the post as Chief Financial Officer at the clinical-stage biotechnology company in a surprising move after less than one year on the job, effective June 22, 2017.

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

Schiffman’s move comes twelve months after Maria Fardis took over as CEO of Lion Biotechnologies, Inc.

Lion will undertake a search for a successor.

The position of Chief Financial Officer is currently not filled. For the time being, Greg Schiffman’s responsibilities are redistributed.

“For personal reasons”

The imminent management change is explained as follows. Lion said: “Gregory Schiffman, Chief Financial Officer, has decided to leave the company for personal reasons, preventing him from commuting from his residence in Portland, OR to the Company’s corporate headquarters in San Carlos, CA.”

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

Wake-up call

Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the post at short notice and without a reasonable explanation.

“Leave”

Lion said: “On May 22, 2017, Greg Schiffman, the Chief Financial Officer of Lion Biotechnologies, Inc. …, provided the Company with written notice under his Employment Agreement, dated September 28, 2016, that he would resign from the Company, effective June 22, 2017, for personal reasons.”

Share price decline

The change follows a decline in the share price of Lion Biotechnologies, Inc. since August 2016.

Chaired by Iain Dukes

Lion Biotechnologies, Inc. is chaired by Iain Dukes.

CEO: Maria Fardis

Maria Fardis serves as CEO of Lion Biotechnologies, Inc. Maria Fardis has been the Chief Executive Officer and President of Lion Biotechnologies, Inc. since June 1, 2016.

On the job as CFO since 2016

Schiffman has been Chief Financial Officer of Lion Biotechnologies, Inc. since October 03, 2016.

Most recently, he was Executive Vice President and CFO of StemCells, Inc, a cell-based therapeutics company where he oversaw all activities related to finance and accounting, information technology, and corporate communications.

In his previous positions, in addition to his finance and accounting duties, he also was responsible for the implementation of commercial infrastructure processes and systems, supply chain logistics, procurement and manufacturing.

Prior to StemCells, Schiffman was the Executive Vice President and CFO of Dendreon Corporation, a publicly traded biotechnology company engaged in the discovery, development and commercialization of novel therapeutics cellular immunotherapy and small molecule products.

Before entering the healthcare industry, Schiffman held roles of increasing responsibility during his eleven year term with Hewlett Packard, including serving as controller of its European personal computer manufacturing and distribution operations in Grenoble, France, and as manufacturing manager and controller of its Netmetrix Division.

Schiffman holds a bachelor’s degree in accounting from De Paul University and an MBA from the Kellogg Graduate School of Management at Northwestern University.

Schiffman also is a CPA in Illinois.

Signs for push-out forces

It is not completely certain what forces eventually triggered Greg Schiffman’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 22.2017 ($).