New Bioglan FD quits
Pharmaceutical company Bioglan Pharma has announced the resignation of its finance director Peter Johnson only six weeks after he joined the company.
Former finance director Ann Simon, who took up the position of Special Projects Director when Johnson was appointed FD, will take over the finance function until a replacement is found.
A company spokeswoman said the company was looking for an FD with a ‘focus on the biotechnology sector’ who had a ‘more detailed description of what the job entails.’
She added that it was important the candidate be an accountant, but ‘the key thing is to have the necessary skills.’
It is understood that the resignation came because Johnson had failed to establish a good working relationship with Terry Sadler, the company’s founder, chairman and chief executive. The spokeswoman told Accountancy Age.com that the resignation was ‘down to personality and style.’
Sadler told the Financial Times that Johnson had not left over disagreements in the company’s finances or accounting policies. ‘In working relationships you have to gel. You can never be sue how personal chemistry is going to work out,’ he said.
Johnson, who is a chartered accountant and was previously FD of Norwich Union Life, was appointed to head Bioglan’s finances at the beginning of July.
At the time of Johnson’s appointment, Bioglan also announced that Simon was to quit Bioglan later in the year to join biotechnology company AdProTech as executive finance director.
The announcement stunned investors, who sold shares causing them to drop 20% yesterday. Shares have continued to drop and are currently selling at 315p.
Bioglan also announced it is in negotiations with pharmaceutical company Bristol-Myers Squibb to buy its skin-care division. The spokeswoman said the acquisition would be made with ‘part equity part debt’financing, and that the company would make a further statement on the subject in the near future.
Links