I feel a touch of shame admitting that I enjoy compiling my annual list of the worst CEOs in biopharma, more than that other list of best CEOs.
Reporters love bad news, what can I say?
I digress. Here are the CEOs who screwed up bad enough to rise to the top of my 2019 naughty list. Enjoy the read, and don’t forget to vote for your favorite — least favorite? — at the end of the post.
About the Author Reprints
My nominee is Adam Grossman of ADMA
what about nektar‘s (NKTR) tragedy of good and bad lots of NKTR-214?
(a single bad batch of an in process chemical causing Blah blah blah).
isnt a ceo supposed to take responsibility for a cmo‘s negligence? well maybe the whole thing is made up, even worse.
no mention of ceo’s from lxrx or some of your favorites like nvax,nwbo ?
ATNM
Another nomination for perennial loser Sandesh Seth.
Death spiral financing 2x a year to pay for salaries and offices on Madison Ave? Check
More delays this year, same as last 5? Check
Authorization for more shares this year, like last few years? (Now 1 BILLION AUTHORIZED!)
Check
Share price bordering near delisting warning? 20 CENTS A SHARE
Check
SP down 95% last 5 yrs while he still has a job?
Check
Another year of no partner deals, probably because he is such a sleaze and no one entrusts them with their money?
Check mate (for shareholders?
How Sandesh Seth of ATNM didn’t make this list is astounding.
My personal fave: Richman lying about her age in an effort to get on several 30-under-30 style lists.
And most likely, lying about having a PhD
“…company run entirely by men…”
Hey Adam, not excusing this at all, but it takes a woman to develop and market a breast cancer drug? If you go by that reasoning, then why aren’t we having children develop and market pediatric drugs? And women shouldn’t be involved in developing and marketing prostate cancer drugs?
And Addyi was a fantastic success, because run by women?
Just sayin’
The worst CEO, by far, is Nader Pouhassan of Cytodyn. While taking a compensation package of about $1.6M, Pourhasssan has driven the company to the verge of bankruptcy, with the share price dropping by more than 50% in less than one year. Pourhassan broke promises of a BLA submission for Cytodyn’s HIV drug by the end of 2019, a lucrative licensing deal by the end of October 2019, and a long list of many other promises as well. Add to this, highly dilutive financing used in part to pay his exorbitant salary, and not one share purchased in the entire time he has been CEO, and you truly have the worst CEO of the year.
Clovis mgmt team.