Celgene Shuffles the Deck: COO Steps Down Immediately

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Celgene Corp. (NASDAQ: CELG) is shuffling the deck in terms of its executive leadership, and one of its top executives is stepping down. In an announcement that came late on Monday, the firm announced that Scott A. Smith, president and chief operating officer, is leaving the company immediately.

His primary responsibilities will be assumed by Chairman and CEO Mark J. Alles.

Smith served as president and COO starting in April 2017. He joined Celgene in 2008 and has held several senior positions, including as Vice President, Global Marketing, Inflammation and Immunology (I&I), Senior Vice President, Global Head of I&I, and President, Global I&I.

Over the past 52 weeks, the stock has underperformed the broad markets with its stock down 30%. In just 2018 alone, the stock is down over 16%.

In a release from the company, Celgene said that it was making changes to its overall executive structure:

Celgene is modifying its executive team structure to enhance leadership focus on building Celgene for continued long-term success. In addition to existing responsibilities, Mark will be responsible for strategic leadership of Celgene’s global Hematology and Oncology franchise, global Inflammation and Immunology franchise, manufacturing, regulatory, and clinical development. The following members of the Celgene Executive Committee will report directly to Mark: Nadim Ahmed, President, Global Hematology and Oncology; Terrie Curran, President, Global Inflammation and Immunology; Jay Backstrom, M.D., Chief Medical Officer and Head of Global Regulatory Affairs; and Joanne Beck, Ph.D., Executive Vice President, Global Pharmaceutical Development and Operations.

Shares of Celgene were last seen down 2% at $85.36, with a consensus analyst price target of $116.94 and a 52-week range of $84.95 to $147.17.

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