Welcome to this week's Chutes and Ladders, our roundup of hirings and retirings throughout the industry. Please send the good word--or the bad--from your shop to Eric Sagonowsky (email) or Amirah Al Idrus (email | Twitter), and we will feature it here at the end of each week.
Arena CEO Jack Lief steps down as requested by the board |
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Arena Pharmaceuticals ($ARNA) cofounder and CEO Jack Lief resigned this week at the request of the company's board of directors, taking with him a $1.8 million severance payment, as director Harry Hixson steps in on a temporary basis. Lief cofounded Arena in 1997 and has "contributed in many ways" since then, Hixson said in a statement, overseeing the approval and rollout of obesity drug Belviq and working to develop the company's pipeline. The search for Lief's permanent replacement begins immediately at Arena, a company that has seen its place in the obesity market diminish at the hands of new challenger Contrave from Orexigen ($OREX). Lief, for his part, said in the statement: "I leave Arena proud of the accomplishments made by our employees in advancing healthcare and science. I look forward to watching the company transition through its next phase of development." Release | Story
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