In October, Karolinska Development's (STO:KDEV) board of directors was convinced Bruno Lucidi was the right person to lead the company's turnaround strategy. Now, Lucidi is out of the door, having disagreed with the board over the implementation of the plan.
|Ex-Karolinska Development CEO Bruno Lucidi|
The departure means the revolving door at the top of Karolinska Development keeps spinning. In the past year, the company has ousted Torbjörn Bjerke as CEO and seen Robin Wright end his 20-month stint as CFO. Current CSO Terje Kalland is the latest executive to take on the role of acting CEO, meaning that four different people have led the company since September. Former board member Klaus Wilgenbus occupied the hot seat between the departure of Bjerke and appointment of Lucidi.
Karolinska Development put Lucidi in charge of its KDev Oncology subsidiary and portfolio companies Aprea and Akinion Pharmaceuticals in September, before promoting him to CEO of the whole business the following month. In the three months since then, Lucidi and the board have reportedly reached such different opinions about the implementation of the company's strategy that he can no longer continue as CEO.
With the company's share price still hovering just above its historic lows--and down 70% on when it went public in 2011--the board is now once again looking for the right person to mount a recovery. In October, the board thought Lucidi--with his history of leading Idenix and holding senior roles at Bristol-Myers Squibb ($BMY) and Johnson & Johnson ($JNJ)--was that person, but the relationship soured quickly.
- read the release
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