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news.SkyePharma has announced that its CEO, Frank Condella, intends to step down from his executive position once the company has completed its financial restructuring by refinancing or renegotiating its convertible bonds.
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In accordance with the company’s management succession plan Frank Condella will be succeeded by Ken Cunningham, currently COO. Mr Condella will continue on the board as a non-executive director of the company once the management changes have been effected.
Ken Cunningham has worked closely with Frank Condella as COO of SkyePharma since April 2006. Prior to joining SkyePharma, he was the CEO of the specialty pharmaceutical company, Arakis, which was acquired by Sosei of Japan in 2005. During his career he has undertaken a number of senior international management and clinical development roles with Alza, Sequus, GlaxoSmithKline and Warner Lambert.
Jeremy Scudamore, non-executive chairman of SkyePharma, said: “The board would like to place on record its thanks and congratulations to Frank for his efforts over the past two years and we are delighted that he will be leading the company through its final restructuring phase, and thereafter will continue his involvement with the company as a non-executive director.”