Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) announced that its Board of Directors has voted unanimously to appoint Paris Panayiotopoulos President and Chief Executive Officer (CEO), effective January 1, 2016. Panayiotopoulos joins ARIAD from his current position of President of EMD Serono, Inc. Panayiotopoulos also has been elected to ARIAD’s Board of Directors. He will succeed Harvey J. Berger, M.D., ARIAD’s founder, chairman and CEO.
Panayiotopoulos, 41, is a global biopharmaceutical leader. At EMD Serono and its parent company Merck KGaA, Darmstadt, Germany, he achieved organizational turnarounds in the United States, Japan and Western Europe by building high-performing and trusting teams, and creating an enduring vision and strategy in each role that he served. Previously, Panayiotopoulos held global leadership roles focusing on strategic marketing, cross-functional portfolio management and restructuring. Prior to this, he was at Eli Lilly & Co.
Alexander Denner, Ph.D., the chairman of the CEO search committee, stated, “We are excited to welcome Paris as our new CEO. The search committee conducted an extremely thorough process, and we are very pleased with this outcome. Paris’ track record of global and turnaround success, both strategically and operationally, is just what the company needs at this time.”
“We are delighted to welcome Paris as our new CEO,” stated Wayne Wilson, lead director for ARIAD. “Paris is a dynamic leader with a proven ability to set vision, define strategy, build culture and align teams to successfully execute against objectives. He has the necessary skills to bring a renewed focus to company execution as we work together to explore all paths in maximizing value for shareholders. We thank Harvey for his stewardship of ARIAD over the past 24 years, the contributions that he has made in building ARIAD and wish him well.”
Panayiotopoulos stated, “I am very pleased to be joining ARIAD at this exciting time. Together with our passionate and highly capable employees, I fully expect that we will maximize the company’s commercial potential and further strengthen its pipeline. This will grow ARIAD’s importance as a highly specialized oncology company and build long-term value for our shareholders.”
Panayiotopoulos holds a combined BSc in Chemistry and Management Studies from University College London and a MSc in Marketing and Product Management from Cranfield Business School in the UK. (Original Source)
Shares of Ariad Pharmaceuticals closed yesterday at $6.22, down $0.22 or -3.41%. ARIA has a 1-year high of $10.07 and a 1-year low of $5.55. The stock’s 50-day moving average is $6.50 and its 200-day moving average is $7.43.
ARIAD Pharmaceuticals Inc is an oncology company. The Company is engaged in transforming the lives of cancer patients with breakthrough medicines. It commercializes & develops products and product candidates including Iclusig, Brigatinib, and AP32788.