Shares of Celgene Corporation (CELG) gained slightly following the announcement of a series of organizational changes to expand its leadership team. The changes are aimed to improve operational efficiencies.
The changes to the biopharmaceutical company’s top brass will take effect from Aug 1, 2014. Celgene recruited Peter Kellogg as its new Executive Vice President, Chief Financial Officer (CFO). Kellogg, who will join on Jul 1, will take over from Jacqualyn Fouse from August. Kellogg brings with him vast experience to Celgene, having served companies like Merck & Co. (MRK) and Biogen Idec (BIIB) previously. He will be responsible for important financial operations. Corporate strategy and business development and alliance management form his other responsibilities.
Fouse has been promoted to the position of President of Celgene’s hematology & oncology franchise. She will replace Mark Alles who has been elevated to the post of President and Chief Operating Officer (COO). Alles will aim to further strengthen Celgene’s operational performances across the globe in his new role.
The other change pertains to the promotion of Scott Smith to the post of the President of Celgene’s inflammation & immunology (I&I) unit. Smith, who is currently serving the company as the leader of its I&I unit, will also be responsible for strategic corporate initiatives in his new expanded role.
Celgene, which boasts of a strong product portfolio and a robust pipeline, aims to scale greater heights through the above management changes.
Celgene currently holds a Zacks Rank #3 (Hold). Gilead Sciences (GILD) is a better-ranked stock in the biopharma space with a Zacks Rank #1 (Strong Buy).
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