MannKind Corporation said today it withdrew an offer that would have made ex-Insulet (NSDQ:PODD) CEO Duane DeSisto its new CEO only 19 days after officially posting its offer to DeSisto.
The offer was withdrawn as objections were raised by DeSisto’s former employer Insulet, who said the new position would violate its non-competition agreement, which will be in effect until Sept. 17, 2016.
To fill the now empty spot, MannKind’s board tapped its CFO Matthew Pfeffer as the new chief exec, effective yesterday. Pfeffer will replace interim CEO Alfred Mann, who’s only held the spot since November.
“Matt has been a valuable member of the executive management of MannKind for many years and has been instrumental in managing our transition to a commercial stage operation. He understands the strategic and financial challenges that we face at this very important time for our company and has already begun to pursue a number of solutions,” MannKind lead director Kent Kresa said in a press release.
In addition, Pfeffer will fill a vacancy on the board that was slated to go to DeSisto, effective yesterday.
DeSisto served as prez and CEO of Insulet from 2003 to 2014, and held CFO and treasurer positions at the company prior to that. Before his time at Insulet, DeSisto worked at pulp and paper industry company PaperExchange.com, accessories wholesaler FGX International Holdings Limited and Zoll Medical.
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