Summary
Biogen Inc. (BIIB) filed an 8-K on June 13, 2017, to announce a significant change in its finance leadership. Paul Clancy, Executive Vice President, Finance and Chief Financial Officer, will be stepping down to join another biopharmaceutical company. Mr. Clancy is expected to remain with Biogen through the end of the second quarter of fiscal 2017 to ensure a smooth transition. In light of Mr. Clancy's departure, Biogen has appointed Gregory F. Covino, the current Vice President, Finance and Chief Accounting Officer, as the interim Principal Financial Officer. Mr. Covino will serve in this capacity while the company conducts a search for a permanent CFO. Investors should monitor the company's progress in securing a new CFO and any potential impact on financial strategy.
Key Highlights
- 1Biogen's CFO, Paul Clancy, is resigning to join another biopharmaceutical company.
- 2Mr. Clancy will stay with Biogen through the end of Q2 2017 to assist with the transition.
- 3Gregory F. Covino, VP of Finance and Chief Accounting Officer, has been appointed interim Principal Financial Officer.
- 4Mr. Covino brings extensive financial experience, including prior roles at Boston Scientific and Hubbell Incorporated.
- 5The company is actively searching for a permanent Chief Financial Officer.
- 6The announcement was made via a press release furnished as an exhibit to the 8-K filing.