Join our daily newsletter At The Bell to receive exclusive market insights
- Mayne Pharma (MYX) CEO Scott Richards is set to retire following a Board decision to relocate the CEO role to the US on a permanent basis
- Mr Richards joined the company as CEO in 2012 and has spent the past five years in the US
- He says he is unable to make the permanent move and plans to return to Australia for personal reasons
- The company will begin its search for a US-based CEO, in the meantime Mr Richards will remain as CEO until a smooth handover has been completed
- Shares in Mayne Pharma last traded at 37 cents on August 18
Mayne Pharma (MYX) CEO Scott Richards is set to retire following a Board decision to relocate the CEO role to the US on a permanent basis.
Mr Richards said he is unable to make this commitment and plans to return to Australia for personal reasons.
Since joining the company in 2012 and serving more than a decade as CEO, Mr Richards has spent the past five years in the US on a temporary basis.
Mr Richards will continue as CEO until the Board finds a US-based replacement and can conduct a timely and orderly transition.
Speaking of his time at Mayne Pharma, Mr Richards said it had been an honour to serve as CEO.
“I believe this is the right time for me to retire and I wish to thank all our employees for their hard work and passion.
“Mayne Pharma continues to have a diverse business model with multiple opportunities for potential near-term value creation.”
The CEO said he is particularly pleased to have been able to announce the sale of Metrics, which he said unlocked value for the company shareholders and created a “leaner and more focused business.”
Also commenting on the sale of Metrics, Chair Frank Condella said it is a significant inflection point for the company, providing a “significantly strengthened balance sheet” and “financial flexibility” to pursue its strategic priorities.
“On behalf of the Board, I would like to thank Scott for his leadership through the successful acquisition and sale of Metrics, the challenging global COVID pandemic and navigating the competitive and complex US pharmaceutical market.
“Scott’s vision to evolve our US go-tomarket approach to improve the sustainability of the products business has already demonstrated success in dermatology,” Mr Condella said.
Shares in Mayne Pharma last traded at 37 cents on August 18.
