The board of directors of Alexion Pharmaceuticals, headquartered in New Haven, Connecticut, has appointed new leadership for the company. The board has named David Brennan as interim chief executive officer (CEO), effective immediately, and has named David Anderson as chief financial officer (CFO), effective immediately.
Mr. Brennan is the former CEO and executive director of AstraZeneca and has been a member of the Alexion board of directors since July 2014. Mr. Brennan succeeds David Hallal who has resigned for personal reasons, effective immediately. Mr. Hallal has also resigned from the board. Spencer Stuart has been engaged to commence the search for a permanent CEO.
Mr. Brennan worked for AstraZeneca in increasing roles of responsibility, including as executive vice president (EVP) of North America from 2001 to 2006 and as senior vice president (SVP) of commercialization and portfolio management from 1999 to 2001. Prior to the merger of Astra AB and Zeneca Plc, he served as SVP of business planning and development of Astra Pharmaceuticals, the American subsidiary of Astra AB. Mr. Brennan began his career in 1975 at Merck & Co., where he rose from sales representative in the US division to general manager of Chibret International, a French subsidiary of Merck.
Mr. Anderson is the former SVP and CFO of Honeywell. He succeeds Vikas Sinha, who has left Alexion to pursue other opportunities. Prior to joining Honeywell, Mr. Anderson was SVP and CFO of ITT Industries where he had responsibility for financial management, information technology, and corporate development. Prior to joining ITT Industries, Mr. Anderson worked at Newport News Shipbuilding as SVP and CFO. Previously, he also held senior financial positions with RJR Nabisco and The Quaker Oats Company.
The change in leadership is reflective of Alexion’s part in a previously announced audit and finance committee investigation, which the company has said is nearing completion. At this point in time, the audit and finance committee’s investigation has not identified any facts that require Alexion to update its previously reported historical results. The company said it continues to assess these matters from an accounting, disclosure, and internal controls perspective, and expects to file the Form 10-Q for the period ended September 30, 2016 in January 2017 or earlier.
Alexion previously announced in November 2016 that the audit and finance committee of the board of directors was conducting an investigation into allegations that were recently made by a former employee with respect to the company’s sales practices of Soliris (eculizumab), a biologic drug for treating a rare blood disease known as paroxysmal nocturnal hemoglobinuria.
Source: Alexion Pharmaceuticals