Sudden Departure of Chief Medical Officers – C-Suite Transitions

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.

Welcome to edition 36 of C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

Sudden Departures

1. Sana Biotechnology (SANA): On April 10, 2023, Sana Biotechnology announced Sunil Agarwal Chief Medical Officer resigns effective as of April 10, 2023.
2. Newpark Resources (NR): Due to company restructuring E. Chipman Earle, Vice President, General Counsel, Chief Compliance Officer, Chief Administrative Officer, and Corporate Secretary of Newpark Resources will be departing the company effective April 30, 2023.
3. Pear Therapeutics (PEAR): In anticipation of the filing of a Chapter 11, Corey McCann, M.D., Ph.D. stepped down as the company’s Chief Executive Officer and President effective April 6, 2023.

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