As TrovaGene Inc (NASDAQ:TROV) is struggles to get its act together, the outflow of top executives appears to be undoing its efforts. The company’s chief commercial officer (CCO), Matthew Posard, recently resigned with little explanation being given about his exit. But it is noteworthy that TrovaGene itself recently sacked and sued two of its top executives over alleged breach of fiduciary duties.
Analysts have pointed out that the departure of Posard will further complicate TrovaGene’s difficult transformation. The company is only trying to put its act together after it fired and sued Antonius Schuh and Stephen Zaniboni, who served as its CEO and CFO, respectively. It has since filled the CEO position by naming William Welch to the role, but the CFO position remains vacant.
Board chairman, Thomas Adams, had been tapped as caretaker CEO as the company sought for a permanent replacement of Schuh.
Exit of Posard takes TrovaGene back to the drawing board
Posard held a critical position as the chief commercial officer. His exit was quickly sees as a setback for the company with the shares falling more than 17% on the day TrovaGene Inc (NASDAQ:TROV) announced the resignation of Posard.
However, the coming of Welch to the company could help mitigate the impact of the departure of Posard. Welch has massive experience in commercialization of healthcare products and Adams said it was wonderful to have him in the company as TrovaGene transitions to commercial stage from development stage.
Welch is not new to CEO roles. He was the CEO of Sequenom, Inc. (NASDAQ:SQNM) for more than a year. He was also the CCO at Monogram Biosciences for more than four years. As such, he can be considered a healthcare industry veteran who is bringing diversified leadership skills and commercialization experience to TrovaGene Inc (NASDAQ:TROV).
Why is Posard leaving?
As for the departure of Posard, it was not clear whether his exit is also tied to the fiduciary breach that triggered the sacking of the CEO and the CFO.