Zogenix CFO Ann Rhoads leaves at short notice

  • Signs for push-out forces
  • After almost seven years on the job
  • Laud, praise, thanks and good wishes for Rhoads
  • Michael Smith taking over

(management-change.com) — Emeryville, California, January 05, 2017 — Ann D. Rhoads, finance chief of Zogenix, leaves. It is a change at short notice. As announced by Zogenix, Inc. in a news release and in a regulatory filing published on Thursday, January 05, 2017, Ann D. Rhoads leaves the post as Chief Financial Officer at the pharmaceutical company in a surprising move after almost seven years on the job, effective January 16, 2017.

Rhoads’ duties are taken over by Michael P. Smith, most recently Chief Financial Officer at Raptor Pharmaceutical Corp.

“Due to the Company’s ongoing relocation”

Rhoads’ imminent departure is explained as follows. Zogenix said that “due to the Company’s ongoing relocation of all corporate functions, including finance, from San Diego, CA, to Emeryville, CA, Ann D. Rhoads, Executive Vice President, Chief Financial Officer, Treasurer and Secretary, will depart Zogenix following a transition period.”

“Resignation”

Zogenix said: “On January 5, 2017, Ann D. Rhoads, the Executive Vice President, Chief Financial Officer, Treasurer and Secretary of Zogenix … announced her resignation, effective January 16, 2017.”

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

Share price decline

The change follows a decline in the share price of Zogenix, Inc. since February 2014.

CEO: Stephen J. Farr

Stephen J. Farr serves as CEO of Zogenix, Inc. Stephen J. Farr is one of Zogenix’ co-founders, is a member of the board of directors and has served as Chief Executive Officer since April 2015 and as President of Zogenix since its inception in August 2006.

On the job as CFO since 2010

Ann D. Rhoads has served as Zogenix’ Executive Vice President, Chief Financial Officer, Treasurer and Secretary since March 2010.

From 2000 to December 2009, Rhoads was the Chief Financial Officer and Senior Vice President for Premier, Inc., a healthcare service company, where she had responsibility for all areas of financial management, strategic planning, business development, information technology, and ethics and compliance.

From August 1998 to 2000, Rhoads served as Vice President for strategic initiatives at Premier, where she was responsible for overseeing strategic investments, including a venture capital fund, as well as assisting Premier operating divisions with long range strategic planning.

Prior to joining Premier, Rhoads held various positions at Sprout Group, a venture capital affiliate of Donaldson, Lufkin & Jenrette (now part of Credit Suisse First Boston), Bain & Company and Merrill Lynch Capital Partners (now known as Stonington Partners).

Rhoads is a member of the boards of directors of Novellus Systems, Inc. and Globus Medical, Inc.

Rhoads received a B.S. from the University of Arkansas and an M.B.A. from the Harvard Business School.

Rhoads will continue to serve as Zogenix’s Chief Financial Officer through January 16, 2017, and thereafter has agreed to provide consulting services to the Company in connection with the transition of duties to Smith, the completion of the 2016 year-end audit and related filings for the calendar year ended December 31, 2016.

Signs for push-out forces

It is not completely certain what forces eventually triggered Ann D. Rhoads’ 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 02.2017 ($).