One of the reasons we follow multiple strategies at InsideArbitrage is because there is always someone interesting going on in certain strategies while others might languish. M&A activity picked up the last several weeks with several multi-billion dollar deals announced but it has been slim pickings when it comes to insider transactions, stock buyback announcements and C-suite transitions. Once we get into earnings season in the next couple of weeks, things will heat up on those fronts.
While reviewing recent C-suite transitions we noticed that several Chief Medical Officers (CMO) had departed their companies with little notice and we decided to take a closer look at CMO departures instead of focusing on a specific company this week. When the announcement of a departure and the actual departure take place less than one month apart, we classify them as sudden departures. Surprisingly, in many cases, the announcement and the actual departure happen on the same day.