Shire slumps as it announces departure of CFO Jeff Poulton

Michele Maatouk Sharecast | 21 Aug, 2017 14:12 - Updated: 15:06 | | |

handshake
  • 3,802.50
  • -0.05%-2.00
  • Max: 3,813.50
  • Min: 3,771.50
  • Volume: 1,778,989
  • MM 200 : n/a
17:18 21/09/17
  • 7,263.90
  • -0.11%-8.05
  • Max: 7,289.16
  • Min: 7,260.05
  • Volume: 0
  • MM 200 : n/a
17:20 21/09/17
  • 3,414.44
  • -0.37%-12.67
  • Max: 3,429.40
  • Min: 3,411.14
  • Volume: 0
  • MM 200 : n/a
17:20 21/09/17
  • 1,504.53
  • 0.36%5.44
  • Max: 1,507.01
  • Min: 1,501.15
  • Volume: 0
  • MM 200 : n/a
17:30 21/09/17
  • 12,844.24
  • 0.47%60.03
  • Max: 12,879.13
  • Min: 12,784.21
  • Volume: 0
  • MM 200 : n/a
17:25 21/09/17
  • 4,035.42
  • -0.20%-8.03
  • Max: 4,048.50
  • Min: 4,033.21
  • Volume: 0
  • MM 200 : n/a
17:25 21/09/17
  • 3,985.05
  • -0.20%-7.88
  • Max: 3,997.75
  • Min: 3,982.99
  • Volume: 0
  • MM 200 : n/a
17:30 21/09/17
  • 4,471.69
  • -0.56%-25.15
  • Max: 4,496.84
  • Min: 4,463.07
  • Volume: 0
  • MM 200 : n/a
17:20 21/09/17

Shares in Shire fell on Monday as it said chief financial officer Jeff Poulton will leave the pharmaceuticals group at the end of the year to take up the same role at Boston-based start-up Indigo Ag.

The company said Poulton will stay on in the role of CFO as it begins the search for his successor. He will remain on the executive committee and on the board of directors during the transition period, and will also continue to support the ongoing strategic review of the business.

Chief executive officer Dr. Flemming Ornskov said: "It is with regret that we announce Jeff's upcoming departure. Having held numerous roles within the company, Jeff has demonstrated steadfast commitment to Shire through a very intense period of activity and has made significant contributions to our organisation.

"Jeff will continue to lead the Shire Finance team through the Q3 reporting period and to the end of the year, and will play an active role in the search for his successor. On behalf of all Shire employees, we are grateful to Jeff for his dedication and leadership and wish him the very best in his future endeavours."

RBC Capital Markets said: "We view this news negatively and note that Jeff Poulton has been with the company since December 2014 and has led Shire through the acquisition of Dyax and, more significantly, the integration of Baxalta. We believe this will contribute to weakness in the shares and note that the majority of our incoming investor calls over the past two weeks have largely revolved around a lack of support until Roche releases its HAVEN-3 data (year-end 2017).

"Given the ongoing strategic review associated with a potential spin-off of the company's Neuro franchise (a decision is expected by year-end), we believe the company may see some timeline related concern during this transition period."

Shire also announced the appointment of Joanne Cordeiro as chief human resources officer and a member of the executive committee, effective immediately and taking over from Ginger Gregory. Joanne joined the company in March 2011 and has been serving as interim head of HR since March 2017.

At 1500 BST, Shire shares were down 3.1% to 3,649p.

More news

18:21 Europe close: Lenders pace gains in wake of FOMC decision

Banks lead Europe's main stockmarket indices to modest gains in the wake of the US central bank's policy announcement the night before with global capital markets apparently generally unruffled by the Federal Reserve's indications that it is looking to push ahead with multiple rate increases and balance sheet taper over the medium-term.

17:26 London close: FTSE flat as investors mull latest Fed decision and UK lending figures

London stocks closed marginally lower on Thursday, giving up earlier small gains as investors digested the latest UK borrowing figures and Sterling bounced back.

17:02 Capita dives despite making progress in first half, results 'difficult to read'

Capita reported a mixed set of results for the first six months of the year but said underlying profits would "rise modestly" in the second half compared to the first, though some investors and analysts found the numbers rather disappointing and difficult to decode.

16:58 Capita staff prepare for strikes over pensions

Alongside Capita's labyrinthine half-year results that left many investors cold and sent the shares down 11%, the company was also forced to prepare for industrial action after unions voted to strike.

16:53 Chevron cancels drillship contract with Transocean

Chevron blew a hole in Transocean's share price on Thursday after cancelling its contract for ultra-deep water drillship Discoverer Clear Leader one year ahead of its scheduled expiry, effective from the following November.

16:21 Barnier fires shot across May's bows ahead of Florence speech

Ahead of the UK Prime Minister's major Brexit speech on Friday, chief European Union Brexit negotiator Michel Barnier has warned Theresa May against trying to have her cake and eat it and stressing that if a transition period is requested it will first require a withdrawal agreement.

17:43 US open: Stocks dip as two-year yields hover near eight-year highs

Stocks are stuck in a bit of a rut as traders try to work out the implications of the US central bank's policy announcement the night before, despite a raft of better-than-expected readings on the economy.

15:54 IG Design Group swallows Aussie card firm Biscay

Designer and manufacturer of celebration, gifting, stationery and creative play products IG Design Group announced on Thursday that it has signed a contract to acquire the trade and certain assets of Biscay Greetings, which it described as a “leading” greetings card and paper products business based in Australia.

15:54 Friday preview: Importance of May's Brexit speech 'cannot be over-emphasised'

Theresa May's Big Brexit Speech in Florence may dominate the narrative on Friday, though for traders and investors there's PMI surveys and one from the CBI, with results from Sage and Smiths Group.

15:52 Engineering studies to enable Liberator field begin, i3 says

Independent oil and gas company i3 Energy announced on Thursday that detailed engineering studies to enable its 100% owned-and-operated Liberator field, to be tied into the existing Blake field 'host' infrastructure and produced through the Bleo Holm floating production storage and offloading vessel (FPSO) had commenced.