Alexion Pharmaceuticals (ALXN 115.89, +7.89) has jumped 7.3% after announcing the hiring of Paul J. Clancy as the company's new Chief Financial Officer. Mr. Clancy will join the company on July 10, 2017 and will assume CFO duties on July 31, 2017. The current CFO, Dave Anderson, will become a Senior Advisor to the CEO and will remain with the company until the end of August.
Alexion's new hire, Paul J. Clancy, is a 30-year veteran, who has spent the past 16 years at Biogen (BIIB 254.71, -6.71). Today's news has weighed on Biogen, which is down 2.6%, widening its 2017 decline to 10.2%. Conversely, today's gain in Alexion has helped the stock narrow this year's loss to 5.3%.
Alexion Chief Executive Officer commented on the hire, saying, "I couldn't be more pleased to welcome Paul to Alexion. Paul is a world-class CFO who has distinguished himself in the biopharmaceutical industry. He brings deep experience and a proven track record of managing a global organization, executing successful financial and capital allocation strategies to deliver long-term shareholder value, and cultivating strong relationships with the investment community. He is an outstanding addition to our team and we look forward to his leadership, insights and partnership as we position Alexion for its next stage of growth."
Mr. Clancy's tenure at Biogen was highlighted by ten years of average annual revenue growth of 16.0% and 25.0% average annual non-GAAP earnings growth. Prior to his time at Biogen, Mr. Clancy spent 13 years at PepsiCo.