Alexion shakes up management, replaces CEO, CFO

ALEXION PHARMACEUTICALS announced management changes on Monday, replacing its CEO and chief financial officer. The changes will not have any effect on the company's planned expansion of its Smithfield facility.  / COURTESY ALEXION
ALEXION PHARMACEUTICALS announced management changes on Monday, replacing its CEO and chief financial officer. The changes will not have any effect on the company's planned expansion of its Smithfield facility. / COURTESY ALEXION

NEW HAVEN, Conn. – Alexion Pharmaceuticals Inc. has replaced its CEO and chief financial officer, the company’s board said Monday.
David Brennan, former CEO and executive director of AstraZeneca PLC, has been named interim CEO, replacing David Hallal, who the company said has resigned for personal reasons. Brennan also been a member of the Alexion board since July 2014.
A search for a permanent CEO is underway, and Alexion has engaged Boston-based Spencer Stuart, a global executive search and leadership consulting firm, specializing in CEO searches.
David J. Anderson joined the company as chief financial officer, replacing Vikas Sinha, who left the company to pursue other opportunities. Anderson is the former senior vice president and chief financial officer of Honeywell International, a position he held for 11 years.
Both the interim CEO and chief financial officer appointments are effective immediately.
Dr. Leonard Bell, chairman of the Board of Directors, said in a statement that the leadership transition comes “during a period of great strength and momentum.”
“The fundamentals of Alexion are very strong. We have three highly effective therapies and a robust rare disease pipeline. We are well-positioned for sustainable growth. Moreover, we have a clear strategy to continue our mission to develop and deliver transformative therapies for patients with devastating and rare diseases,” Bell said. “With strong new leaders in place, we will continue to be relentlessly focused on serving patients and families with devastating and rare diseases.”
The company, in a press release, also said the previously announced Audit and Finance Committee investigation is nearly finished.
Alexion’s stock fell 15 percent from the previous close as of 11:38 a.m., to $111.68.
Kim Diamond, company spokeswoman, said the management changes will not have any effect on the planned expansion in Smithfield.
Over the summer, the company announced plans for a $200 million phased expansion of its manufacturing plant in Smithfield to facilitate production of its drug, Soliris, and other products. The project, involving four phases over five years, will increase the facility to 193,000 square feet from 85,000 square feet. A groundbreaking for the project was held in July.

Alexion employs approximately 300 people in the state, and is Rhode Island’s third-largest biotech employer.

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