- Signs for push-out forces
- After less than one year on the job
- No successor named
(exechange) — Cambridge, Massachusetts, April 27, 2017 — Ed Kaye, chief executive of Sarepta, leaves. As announced by Sarepta Therapeutics, Inc. in a regulatory filing published on Thursday, April 27, 2017, Edward M. (Ed) Kaye leaves the post as Chief Executive Officer at the medical research and drug development company after less than one year on the job, effective “upon the conclusion of his current employment term on September 20, 2017 or some other future date”.
Sarepta did not name a replacement for the position of Chief Executive Officer.
No reason given
In the announcement, Sarepta did not explicitly explain the reason for Kaye’s move, opening the door for speculation.
Precise information about the future plans of Kaye was not immediately available.
Sarepta said: “On April 24, 2017, Edward M. Kaye, M.D., President, Chief Executive Officer and a director on the Board of Directors … of Sarepta Therapeutics, Inc. …, informed the Board of the Company of his intention to resign as President and Chief Executive Officer upon the conclusion of his current employment term on September 20, 2017 or some other future date.”
Perceptive Advisors holds 5.07 percent stake
Perceptive Advisors LLC reported a 5.07 percent stake in Sarepta Therapeutics, Inc. as of December 31, 2016. Perceptive Advisors is a hedge fund.
Chaired by M. Kathleen Behrens
Sarepta Therapeutics, Inc. is chaired by M. Kathleen Behrens.
Behrens has served as a member of the Company’s Board since March 2009 and Chairwoman of the Board since April 2015.
On the job as CEO since 2016
Edward M. Kaye has been the Chief Executive Officer and President of Sarepta Therapeutics, Inc. since September 20, 2016.
Edward M. Kaye, M.D. is the Company’s President and CEO, and a member of the Board of Directors.
Prior to his appointment as Sarepta’s President and CEO, Kaye served as the Company’s Chief Medical Officer from June 2011 to April 2017 and Interim Chief Executive Officer from March 2015 to September 2016.
Kaye also serves as a member of the Board of Directors of Cytokinetics, Inc., a position he has held since May 2016.
Kaye was Group Vice President of Clinical Development at Genzyme Corporation, a biotechnology company, from April 2007 to June 2011, where he supervised the clinical research in the lysosomal storage disease programs and in the genetic neurological disorders.
Prior to this, Kaye held various roles at Genzyme Corporation since 2001, including Vice President of Medical Affairs for Lysosomal Storage Diseases, Vice President of Clinical Research and Interim Head of PGH Global Medical Affairs. Kaye earned his B.S. in Biology from Loyola University and earned his M.D. at Loyola University Stritch School of Medicine.
He received his Pediatric training at Loyola University Hospital, Child Neurology training at Boston City Hospital, Boston University, and completed his training as a Neurochemical Research Fellow (Geriatric Fellow) at Bedford VA Hospital, Boston University.
Kaye was head of the section of Neurometabolism, Pediatric Neurology at The Floating Hospital for Children (Tufts University) and research fellow in gene therapy at Massachusetts General Hospital until 1996 when he moved to Philadelphia to become Chief of Pediatric Neurology and Director of the Barnett Mitochondrial Laboratory at St. Christopher’s Hospital for Children.
In 1998, Kaye accepted the appointment as Chief of Biochemical Genetics at Children’s Hospital of Philadelphia and Associate Professor of Neurology and Pediatrics at the University Of Pennsylvania School Of Medicine until moving to Genzyme Corporation at the end of 2001.
Kaye continues as a Neurological Consultant at the Children’s Hospital of Boston and is on the editorial boards of a number of journals including Journal of Child Neurology.
He also previously served on the board of Annals of Neurology.
Kaye is also on the Medical/Scientific Advisory Boards of the United Leukodystrophy Foundation, Spinal Muscular Atrophy Foundation, CureCMD, CureDuchenne, and the Prize4Life.
Kaye will continue to serve as a director of Sarepta following his resignation as President and Chief Executive Officer.
As a general rule, when a top leader announces to step aside with no successor available, it’s a sign that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Ed Kaye’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 18.2017 ($).