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Seagen Announces Resignation of President, Chairman & CEO Clay Siegall
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Seagen Inc. announced the resignation of Clay Siegall as President and CEO following an ongoing investigation into his conduct. Felix Baker, previously Lead Independent Director, is now Chair of the Board. Roger Dansey, Chief Medical Officer, remains Interim CEO during the search for a permanent replacement. The Board stated that this decision was made in the best interest of Seagen and its stakeholders, assuring stakeholders of the company's strong position and commitment to growth despite the leadership transition.
Positive
Appointment of Felix Baker as Chair could lead to fresh perspectives.
Continued leadership by Roger Dansey during CEO search ensures stability.
Company remains committed to achieving important milestones.
Negative
Leadership change raises concerns about continuity and experience gaps.
Investigation into former CEO's conduct could impact investor confidence.
Felix Baker, Ph.D., Appointed Chair of the Board
Board Begins Search for New CEO
Roger Dansey, M.D., Chief Medical Officer, Remains Interim CEO
BOTHELL, Wash.--(BUSINESS WIRE)--
Seagen Inc. (Nasdaq: SGEN) today announced that the Board of Directors yesterday accepted the resignation of Clay Siegall, Ph.D., as President, CEO and member of the Board of Directors. Felix J. Baker, Ph.D., formerly Lead Independent Director, has been appointed Chair of the Board of Directors. Roger Dansey, M.D., Seagen’s Chief Medical Officer since 2018, will continue as interim CEO until a new CEO is found.
The Board had previously announced that Dr. Siegall was on a leave of absence and that it had formed a committee of independent directors to undertake, with the assistance of an independent law firm, a thorough investigation into Dr. Siegall’s conduct. While the investigation continues, the Board and Dr. Siegall agreed it is in the best interests of Seagen and its stakeholders for him to resign at this time. Dr. Siegall’s resignation has not been driven by findings from the investigation. The Board is commencing a search for a permanent CEO.
“As we move forward, the Board has great confidence in the leadership of Roger Dansey, the senior management team and the nearly 3,000 employees to continue Seagen’s impressive growth trajectory. Seagen remains strong, our future is bright, and we are on track to achieve several important milestones over the remainder of 2022 and beyond,” said Dr. Baker. “Dr. Siegall co-founded Seagen in 1998 with a vision to make a meaningful difference in the lives of people with cancer by developing targeted therapies to treat unmet medical needs. Today, Seagen is a leading developer of cancer medicines, with four approved products and a robust pipeline of innovative therapies.”
About Seagen
Seagen Inc. is a global biotechnology company that discovers, develops and commercializes transformative cancer medicines to make a meaningful difference in people’s lives. Seagen is headquartered in the Seattle, Washington area, and has locations in California, Canada, Switzerland and the European Union. For more information on our marketed products and robust pipeline, visit www.seagen.com and follow @SeagenGlobal on Twitter.
Forward-looking Statements
Certain of the statements made in this press release are forward-looking, such as those, among others, relating to the Company continuing its impressive growth trajectory; being on track to achieve several important milestones over the remainder of 2022; and other statements that are not historical fact. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include without limitation: risks and uncertainties associated with maintaining or increasing sales of ADCETRIS, PADCEV, TUKYSA and TIVDAK due to competition, unexpected adverse events, regulatory action, reimbursement, market adoption by physicians, impacts associated with COVID-19 or other factors; the risk that the Company or its collaborators may be delayed or unsuccessful in planned clinical trial initiations, enrollment in and conduct of clinical trials, obtaining data from clinical trials, planned regulatory submissions, and regulatory approvals in the U.S. and in other countries in each case for a variety of reasons including the difficulty and uncertainty of pharmaceutical product development, negative or disappointing clinical trial results, unexpected adverse events or regulatory actions and the inherent uncertainty associated with the regulatory approval process; the possibility that the Company may encounter challenges in commercializing its therapeutic agents, including with respect to reimbursement, compliance, operational or other matters; risks relating to the Company’s collaboration agreements and its ability to achieve progress dependent milestones thereunder; risks and uncertainties related to management transitions and the Company’s ability to successfully manage and grow its business in light of such transitions; risks related to the duration and severity of the COVID-19 pandemic and resulting global economic, financial and healthcare system disruptions; and risks associated with the ongoing military conflict between Russia and Ukraine, related sanctions imposed against Russia, and related economic, financial and geopolitical disruptions. More information about the risks and uncertainties faced by the Company is contained under the caption “Risk Factors” included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and the Company’s subsequent periodic reports filed with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.
For Media
David Caouette Vice President, Corporate Communications
(310) 430-3476
dcaouette@seagen.com
Source: Seagen Inc.
FAQ
What led to Clay Siegall's resignation from Seagen?
Clay Siegall resigned due to an ongoing investigation into his conduct; however, his resignation was not driven by the findings of the investigation.
Who is the new Chair of the Board at Seagen?
Felix Baker, formerly the Lead Independent Director, has been appointed as the new Chair of the Board.
Who will lead Seagen as Interim CEO after Siegall's resignation?
Roger Dansey, the Chief Medical Officer, will continue as Interim CEO until a new CEO is appointed.
What is Seagen's strategy following the leadership change?
Seagen's Board expressed confidence in its senior management team and aims to maintain its growth trajectory while achieving key milestones.
What are the implications of the management change for Seagen's future?
While the management change could present challenges, the Board believes it is an opportunity for fresh leadership perspectives and continued strong performance.
