MannKind CEO Hakan Edstrom leaves – Unsung departure
Nov 22, 2015 16:32:16 GMT -5
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Post by lakers on Nov 22, 2015 16:32:16 GMT -5
MannKind CEO Hakan Edstrom leaves – Unsung departure
(management-change.com) – Valencia, California, November 20, 2015 – It is an unsung departure. Hakan Edstrom (65), chief executive of MannKind Corporation, leaves. It is an abrupt change. As announced by MannKind in a news release on Friday, November 20, 2015, Hakan S. Edstrom has already left the post as Chief Executive Officer at the biopharmaceutical company in a surprising move after less than one year on the job on November 19, 2015.
The search for a successor is underway.
His duties will be taken over on an interim basis by Al Mann (89), founder and Executive Chairman of MannKind.
Share price decline
The change follows a sharp decline in the share price of MannKind Corporation since June 2014.
Bumpy period
The shake-up comes amid a bumpy period for the business. MannKind develops an inhaled insulin drug, which it began selling in February under a partnership with Sanofi. But sales of the drug have been much lower than expected.
No reason given
In the announcement, MannKind did not explain the reason for the sudden management change.
Seldom a good sign
It is seldom a good sign when a top manager leaves the position at short notice and without an understandable explanation. “Hakan Edstrom has stepped down as the President, Chief Executive Officer and as a director of MannKind,” MannKind only said.
Information about the future plans of Edstrom was not immediately available.
Hakan S. Edstrom has been MannKind’s President since April 2001 and has served as one of MannKind’s directors since December 2001. From April 2001 until January 2015, Edstrom was MannKind’s Chief Operating Officer. In January 2015 he became MannKind’s Chief Executive Officer.
Bausch & Lomb, Pharmacia
Edstrom was with Bausch & Lomb, Inc., a health care product company, from January 1998 to April 2001, advancing to the position of Senior Corporate Vice President and President of Bausch & Lomb, Inc. Americas Region.
From 1981 to 1997, Edstrom was with Pharmacia Corporation, where he held various executive positions, including President and Chief Executive Officer of Pharmacia Ophthalmics Inc.
Alarm signal
When a top manager steps aside with no permanent successor in place, it is always an alarm signal. It may be a sign that the outgoing manager has been asked to leave or threw in the towel. It can also indicate a dispute.
Next best solution
It’s best practice for a board to have a pipeline in place for top leadership. Making the chairman interim Chief Executive Officer is the next best solution.
Search for a successor
A committee of the board will commence an immediate search for a successor CEO, MannKind said.
Al Mann takes over
The duties of Edstrom are taken over by Alfred (Al) Mann as interim Chief Executive Officer, effective on November 19, 2015. Alfred E. Mann founded Mannkind Corp., and has been its Executive Chairman since January 2015. Mann will continue to serve as the Executive Chairman of the Company.
Unsung departure
Taking as a basis the announcement from Valencia, California-based MannKind, it is an unsung departure for Edstrom.
In the very formal statement which consists only of four sentences, the departing chief executive gets no words of praise for concrete successes, no word of appreciation, no explicit word of thanks, no word of regret and no good wishes. It remains unclear whether the initiative for the change came from Edstrom. It is not clear why the 65-year-old Edstrom leaves the post so suddenly.
Terms of the management change were not immediately disclosed.
The switch happened so quickly that MannKind Corporation still lists Edstrom as director on its leadership page.
No personal words
Personal words for Edstrom from the management were not contained in the statement.
Salary details for Mann were not immediately disclosed.
No remarks from Edstrom
In the brief announcement from MannKind, Edstrom gets no chance to speak.
MannKind: $1 billion market value
MannKind is listed at Nasdaq and has a market capitalization of about $1 billion.
management-change.com publishes reports on capital market-relevant management changes, with special focus on facts, figures and form.
management-change.com/mannkind-ceo-hakan-edstrom-leaves-unsung-departure/
(management-change.com) – Valencia, California, November 20, 2015 – It is an unsung departure. Hakan Edstrom (65), chief executive of MannKind Corporation, leaves. It is an abrupt change. As announced by MannKind in a news release on Friday, November 20, 2015, Hakan S. Edstrom has already left the post as Chief Executive Officer at the biopharmaceutical company in a surprising move after less than one year on the job on November 19, 2015.
The search for a successor is underway.
His duties will be taken over on an interim basis by Al Mann (89), founder and Executive Chairman of MannKind.
Share price decline
The change follows a sharp decline in the share price of MannKind Corporation since June 2014.
Bumpy period
The shake-up comes amid a bumpy period for the business. MannKind develops an inhaled insulin drug, which it began selling in February under a partnership with Sanofi. But sales of the drug have been much lower than expected.
No reason given
In the announcement, MannKind did not explain the reason for the sudden management change.
Seldom a good sign
It is seldom a good sign when a top manager leaves the position at short notice and without an understandable explanation. “Hakan Edstrom has stepped down as the President, Chief Executive Officer and as a director of MannKind,” MannKind only said.
Information about the future plans of Edstrom was not immediately available.
Hakan S. Edstrom has been MannKind’s President since April 2001 and has served as one of MannKind’s directors since December 2001. From April 2001 until January 2015, Edstrom was MannKind’s Chief Operating Officer. In January 2015 he became MannKind’s Chief Executive Officer.
Bausch & Lomb, Pharmacia
Edstrom was with Bausch & Lomb, Inc., a health care product company, from January 1998 to April 2001, advancing to the position of Senior Corporate Vice President and President of Bausch & Lomb, Inc. Americas Region.
From 1981 to 1997, Edstrom was with Pharmacia Corporation, where he held various executive positions, including President and Chief Executive Officer of Pharmacia Ophthalmics Inc.
Alarm signal
When a top manager steps aside with no permanent successor in place, it is always an alarm signal. It may be a sign that the outgoing manager has been asked to leave or threw in the towel. It can also indicate a dispute.
Next best solution
It’s best practice for a board to have a pipeline in place for top leadership. Making the chairman interim Chief Executive Officer is the next best solution.
Search for a successor
A committee of the board will commence an immediate search for a successor CEO, MannKind said.
Al Mann takes over
The duties of Edstrom are taken over by Alfred (Al) Mann as interim Chief Executive Officer, effective on November 19, 2015. Alfred E. Mann founded Mannkind Corp., and has been its Executive Chairman since January 2015. Mann will continue to serve as the Executive Chairman of the Company.
Unsung departure
Taking as a basis the announcement from Valencia, California-based MannKind, it is an unsung departure for Edstrom.
In the very formal statement which consists only of four sentences, the departing chief executive gets no words of praise for concrete successes, no word of appreciation, no explicit word of thanks, no word of regret and no good wishes. It remains unclear whether the initiative for the change came from Edstrom. It is not clear why the 65-year-old Edstrom leaves the post so suddenly.
Terms of the management change were not immediately disclosed.
The switch happened so quickly that MannKind Corporation still lists Edstrom as director on its leadership page.
No personal words
Personal words for Edstrom from the management were not contained in the statement.
Salary details for Mann were not immediately disclosed.
No remarks from Edstrom
In the brief announcement from MannKind, Edstrom gets no chance to speak.
MannKind: $1 billion market value
MannKind is listed at Nasdaq and has a market capitalization of about $1 billion.
management-change.com publishes reports on capital market-relevant management changes, with special focus on facts, figures and form.
management-change.com/mannkind-ceo-hakan-edstrom-leaves-unsung-departure/
