Board Expects to Appoint Interim CEO, David Brennan, to Succeed Dr. Bell
NEW HAVEN, Conn.--(BUSINESS WIRE)--
Leonard Bell, M.D., Founder of Alexion Pharmaceuticals Inc.
(NASDAQ:ALXN), has informed the Board of Directors that he will not
stand for reelection as a Board member and will retire as Chairman of
the Board and as a Director at the end of his term, effective as of the
Annual Meeting of Shareholders scheduled for May 10, 2017. In accepting
Dr. Bell's decision, the Board announced that it expects to appoint
David Brennan, Alexion's Interim Chief Executive Officer and fellow
Board member, to succeed Dr. Bell as Chairman.
R. Douglas Norby, Alexion's Lead Independent Director, said, "On behalf
of the entire Board of Directors, we want to extend our deep
appreciation to Lenny for his extraordinary vision and leadership over
the past 25 years. Lenny is a giant in the field of biotechnology and
one of the industry's true pioneers who helped usher in the era of
modern medicine. His unwavering commitment and perseverance to medical
research, his advocacy for serving patients and their families through
breakthrough medical innovation, and his stewardship of the Company have
all contributed to making Alexion the global biopharmaceutical leader it
is today. As Lenny retires, we are very pleased that the Board plans on
appointing David Brennan as our new Chairman following the Annual
Meeting. David's deep knowledge of Alexion, including the insights he is
now gaining as our Interim CEO, make him ideally suited to serve as our
next Chairman, and we look forward to his important ongoing
contributions to the Company."
Dr. Bell said, "I am incredibly proud of all that we have achieved over
the past 25 years since Alexion was founded, and I have great confidence
in the future of the Company. Since my retirement as CEO in 2015, it has
been highly gratifying to continue to work closely with the Board and
management as Chairman. I am very much looking forward to spending
increasing time with my family, and also exploring new and different
opportunities. I am extremely grateful to and would like to thank all
the employees of Alexion and, most importantly, encourage them to
continue their important mission of discovering and developing new
breakthrough therapies to transform the lives of patients who suffer
from rare and devastating disorders."
Interim CEO David Brennan said, "Since joining the Alexion Board of
Directors in 2014 and being named Interim CEO late last year, I have
gotten to know and deeply respect Lenny for the exceptional foresight
and determination he so passionately brings to Alexion. He will be
missed, and it will be my distinct honor to succeed him as Chairman.
Since becoming Interim CEO, I am even more impressed with Alexion, the
caliber of our employees, and their commitment to serving patients with
our transformative therapies. Our team is focused on our mission, and we
are working hard to drive significant, long-term growth that benefits
all of our stakeholders. The Board and I look forward to partnering with
Alexion's new CEO, once he or she is announced, to continue the
Company's progress and to execute on our strategy as a leader and
innovator in the global biopharmaceutical industry."
About Leonard Bell, M.D.
Dr. Bell was the principal founder of Alexion in 1992 and served as the
Chief Executive Officer from the Company's inception until he retired as
CEO on March 31, 2015. Under his leadership Alexion grew to become a
global biopharmaceutical company with employees serving patients with
severe and life-threatening disorders in 50 countries through fully
integrated research, discovery, development, manufacturing, and
Prior to founding Alexion, Dr. Bell was an attending physician at
Yale-New Haven Hospital and Assistant Professor of Medicine and
Pathology at the Yale University School of Medicine, where he also
received his M.D. degree. Dr. Bell was a recipient of the numerous
awards and honors as an academic scientist prior to founding Alexion.
Dr. Bell received his A.B. from Brown University and M.D. from Yale
University School of Medicine. Dr. Bell is currently an Adjunct
Assistant Professor of Medicine and Pathology at the Yale University
School of Medicine.
About David R. Brennan
Mr. Brennan has been serving as Alexion's Interim Chief Executive
Officer since December 2016, while the Company conducts a search for a
permanent CEO. Once that new CEO is identified, Mr. Brennan will
continue as Alexion's Chairman. Mr. Brennan has been a Director of
Alexion since July 2014 and has served on the Strategy and Risk
Committee, the Quality Compliance Committee, and the Science and
Innovation Committee. From 2006 to 2012, he served as Chief Executive
Officer and Executive Director of AstraZeneca PLC, one of the world's
largest pharmaceutical companies. Mr. Brennan worked for AstraZeneca in
increasing roles of responsibility, including as Executive Vice
President of North America from 2001 to 2006 and as Senior Vice
President of Commercialization and Portfolio Management from 1999 to
2001. Prior to the merger of Astra AB and Zeneca Plc, he served as
Senior Vice President of Business Planning and Development of Astra
Pharmaceuticals LP, the American subsidiary of Astra AB. Mr. Brennan
began his career in 1975 at Merck and Co. Inc., where he rose from Sales
Representative in the U.S. Division to General Manager of Chibret
International, a French subsidiary of Merck.
He received a BA in business administration from Gettysburg College,
where he is a member of the Board of Trustees.
Alexion is a global biopharmaceutical company focused on developing and
delivering life-transforming therapies for patients with devastating and
rare disorders. Alexion is the global leader in complement inhibition
and has developed and commercializes the first and only approved
complement inhibitor to treat patients with paroxysmal nocturnal
hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), two
life-threatening ultra-rare disorders. In addition, Alexion's metabolic
franchise includes two highly innovative enzyme replacement therapies
for patients with life-threatening and ultra-rare disorders,
hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D).
Alexion is advancing its rare disease pipeline with highly innovative
product candidates in multiple therapeutic areas. This press release and
further information about Alexion can be found at: www.alexion.com.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements often include words such as "anticipate,"
"believe," "expect," "will," or similar expressions. Forward-looking
statements are subject to factors that may cause Alexion's results and
plans to differ from those expected, including for example, risks
related to potential disruptions to our business as a result of the
leadership changes, the risk that hiring a new CEO may take longer than
anticipated, and a variety of other risks set forth from time to time in
Alexion's filings with the U.S. Securities and Exchange Commission,
including but not limited to the risks discussed in Alexion's Annual
Report on Form 10-K for the period ended December 31, 2016 and in our
other filings with the U.S. Securities and Exchange Commission. Alexion
does not intend to update any of these forward-looking statements to
reflect events or circumstances after the date hereof, except when a
duty arises under law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170302006271/en/
Senior Vice President, Corporate Communications
Executive Director, Corporate Communications
Ridloff, CFA, 475-230-3601
Vice President, Investor Relations
Source: Alexion Pharmaceuticals Inc.
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