MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Allergan CFO Edwards steps down amid hostile Valeant takeover bid | Personnel Moves

Allergan CFO Edwards steps down amid hostile Valeant takeover bid | Personnel Moves

By

Allergan CFO Edwards steps down amid hostile Valeant takeover bid | Personnel Moves

Allergan (NYSE:AGN) said today that longtime CFO Jeff Edwards is stepping down to honor a commitment he made to his family earlier this year, replaced by treasurer Jim Hindman effective immediately.

Edwards promised his family earlier this year that he’d retire, before a hostile takeover by Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) and William Ackman’s Pershing Square Capital Management hedge fund surfaced. Despite the takeover battle, Edwards is standing by his family promise, although he’s be on tap as a non-executive officer to help smooth the transition, according to a press release.

"Jeff’s strong work ethic and complete dedication have defined his tenure, and his many contributions across several roles have helped build Allergan into the successful company it is today. After devoting so much time and energy to Allergan, Jeff informed me in February 2014 of his desire to commit more time to his family, and that he was therefore considering stepping down from the chief financial officer position at a later point in 2014," chairman & CEO David Pyott said in prepared remarks. "Jeff’s decision reflects his strong values, and we support him and are glad that we are able to make this transition in accordance with his wishes. On behalf of the board of directors and management team, I would like to thank Jeff for his service, and all of us at Allergan extend to him and his family our very best regards as they start a new chapter in their lives."

"The decision to step down was remarkably challenging, but I must remain true to the commitment I made to my family in early 2014," Edwards added. "I have deeply appreciated the opportunity to serve as Allergan’s chief financial officer, and while in the position, fully committed myself to the role and to my team, all of our employees, stockholders and business partners."

Sterne Agee analyst Shibani Malhotra, writing today in a note to investors, said the CFO shift shouldn’t affect the company’s prospects even with the Valeant/Pershing bid hanging over Allergan’s head.

"While it may be difficult for some investors to understand why a CFO would step down during a hostile takeover battle, we came away from our call assured that there is nothing more to the situation than that Edwards had made a personal commitment earlier this year, and is now choosing to stand by that commitment. We respect his decision to do so especially given that there is never a good time for a CFO to step down," Malhotra wrote. "We have worked closely with Jim Hindman in his previous role as Allergan’s senior vice president treasury, risk and investor relations and while we will miss our interactions with Jeff Edwards, we expect a smooth transition and believe Hindman is an excellent choice for the CFO role."

 Insulet taps Stryker vet Scannell for board

Insulet (NSDQ:PODD) said it tapped Stryker (NYSE:SYK) veteran Timothy Scannell, group president for medsurg & neurotechnology, for a seat on its board of directors.
Read more

 JenaValve nabs another Edwards vet for CTO spot

JenaValve Technology said it named another Edwards Lifesciences (NYSE:EW) veteran for its executive roster, hiring Stefan Schreck to be its new chief technology officer. Last year, JenaValve nabbed Edwards’ John Migliazza to its COO.
Read more

 Apple hires StartX Med accelerator founder Nag
Apple hired Divya Nag, founder of digital health accelerator StartX Med, to lead the tech giant’s healthcare initiatives, according to news reports.
Read more

 Monarch Medical hires Philips Healthcare vet for sales SVP

Monarch Medical said named Glenn Petracci, last of Philips Healthcare (NYSE:PHG), as its new senior vice president of sales & marketing. In June, Monarch named former CapsuleTech chief marketing & sales officer Stuart Long to replace Dr. Wilson Constantine as CEO.
Read more

In case you missed it

RSS From Medical Design & Outsourcing

  • MIT engineers fabricate chip-free, wireless e-skin
    MIT engineers have developed a new wireless, wearable sensor without semiconductors or batteries in what they say is a first step toward chip-free wireless sensors. This electronic skin — or e-skin — is a flexible, semiconducting film that MIT describes as a sort of electronic Scotch tape. The device has an ultrathin gallium nitride film… […]
  • Owens & Minor and Allina Health partner on supply chain resiliency
    Owens & Minor (NYSE: OMI) and Minneapolis-based Allina Health are partnering on what they call a “unique integrated service model for supply chain resiliency.” An Owens & Minor distribution center that has been in operation for more than 25 years in Moundsview, Minnesota will serve as the integrated service center powering the model, the companies… […]
  • Chronic pain researchers say sound and electrical stimulation has treatment potential
    University of Minnesota researchers are using sound and electrical stimulation to treat chronic pain and other sensory disorders without pharmaceutical drugs. The combination of sound and stimulation activates the brain’s somatosensory cortex, according to a study on guinea pigs published in the Journal of Neural Engineering. Also known as the tactile cortex, the somatosensory cortex is… […]
  • What Laura Mauri learned from a ‘firestorm’ in her first months at Medtronic
    Dr. Laura Mauri faced a monumental moment with former Medtronic CEO Omar Ishrak shortly after she joined the company as VP of global clinical research and analytics. It was late 2018, and Mauri — who’s now an SVP and the chief scientific, medical and regulatory officer at Medtronic (NYSE: MDT) — was in a meeting… […]
  • Senators seek post-market FDA study of pulse oximeters and skin color
    Democratic U.S. senators are prodding the FDA to launch a post-market study of pulse oximeters due to unreliable performance for patients with dark skin. Pulse oximeters estimate blood oxygen levels (SpO2) and pulse rates in patients using infrared light — usually on a fingertip — at home or in clinical settings. Blood oxygenation is one… […]
  • TE Connectivity opens global medical device prototyping center in Ireland
    TE Connectivity (NYSE:TEL) today announced it opened its global Propelus Prototype Center for medical devices in Galway, Ireland. The $5 million rapid prototyping center was built into its existing manufacturing site in Galway and directly connects TE engineers with customers to reduce development time and increase speed to market for lifesaving and life-improving medical devices. Propelus… […]
  • Contract manufacturer Minnetronix Medical launches its first in-house product, MindsEye
    Minnetronix Medical has launched MindsEye, making it the first medical device that the contract developer and manufacturer has conceived and commercialized. St. Paul-based Minnetronix Medical’s MindsEye is the first expandable brain access port on the market. The FDA cleared the device under the 510(k) pathway in August 2020. The minimally invasive device gives neurosurgeons deep… […]
  • What’s next for Jennifer Fried after leaving Explorer Surgical?
    Explorer Surgical co-founder Jennifer Fried has resigned from the company after selling it to Global Healthcare Exchange in October. Fried announced her departure last week on LinkedIn, saying she’s preparing for her next professional chapter. “It’s bittersweet — I’m so proud of everything our team has built and accomplished,” Fried wrote. “The time has flown… […]
  • The 24 best medical device innovations of 2022
    The Galien Foundation recently announced its nominees of medical device innovations for its 2022 Prix Galien USA awards. There are 24 medical technologies nominated for the annual award this year, up from 18 nominees in 2021. The Galien Foundation’s annual Prix Galien awards highlight devices, biotechnology and pharmaceutical products designed to improve the human condition.… […]
  • FDA issues new COVID-19 testing guidance to avoid false negatives
    COVID-19 testing should be repeated following a negative result on any antigen test, the FDA said in a move that could increase demand for diagnostics manufacturers. The latest guidance from the federal health agency is for negative COVID-19 antigen test results regardless of the presence or absence of symptoms. The federal agency said recent studies… […]
  • Confluent Medical expands Costa Rica manufacturing footprint for nitinol, complex catheter production
    Confluent Medical Technologies this week announced the opening of its new addition to its Costa Rica manufacturing facility. The expansion adds 66,000 sq. ft to its large-scale manufacturing center of excellence in Alajuela, Costa Rica to expand Confluent’s capacity for nitinol component processing and complex catheter manufacturing. “Confluent has experienced consistent and strong growth in… […]

Leave a Reply