Ariad names EMD Serono’s Paris Panayiotopoulos as new president and chief exec
pharmafile | December 21, 2015 | Appointment | Sales and Marketing | Ariad, Ariad Pharmaceuticals, EMD Serono, Paris Panayiotopoulos, harvey Berger
The board of directors at Ariad Pharmaceuticals has appointed Paris Panayiotopoulos as president and chief executive from 1 January 2016.
The move will see Panayiotopoulos join Ariad from his current position of president of EMD Serono, the biopharmaceutical division of the German Merck group. Panayiotopoulos will also sit on Ariad’s board of directors.
He will succeed Harvey Berger, Ariad’s founder, chairman and chief executive. Reports say Panayiotopoulos investor Alex Denner successfully lobby for the board to oust Berger, following a financially unsuccessful year during which Ariad shares have declined 9.4% this year.
The Cambridge, Massachusetts-based company posted net losses of $177 million in the past four quarters on sales of $149 million. It currently has a market value of $1.18 billion.
At EMD Serono Panayiotopoulos, 41, was credited with turn around the organisation in the United States, Japan and Western Europe. 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. He 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.
Denner says: “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.”
Wayne Wilson, lead director for Ariad, adds: “We are delighted to welcome Paris as our new CEO. 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 maximising 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 states: “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 maximise the company’s commercial potential and further strengthen its pipeline. This will grow Ariad’s importance as a highly specialised oncology company and build long-term value for our shareholders.”
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