Sector News

Parexel CFO, SVP Ingo Bank quits just weeks before Q4 results

July 19, 2016
Life sciences

CRO giant Parexel has seen its chief financial officer and senior vice president Ingo Bank resign from the company over the weekend, according to a SEC filing.

Parexel, which is set to post its Q4/FY financial results in just over two weeks’ time (August 3), said Bank had left “in order to take a senior leadership role in another company,” without specifying where.

The Waltham, MA-based CRO said it intends quickly start looking for a permanent CFO. Bank will however continue to be an employee until mid-August, in order to help “assist in the transition of his position,” the SEC filing said.

Emma Reeve has been named interim CFO. She has been the company’s corporate VP since 2014.

Parexel said that Reeve has more than 20 years of experience in life sciences financial management, having worked as head of finance and administration for Novartis ($NVS), and has also served as biotech CFO before, notably at Inotek Pharmaceuticals.

Last October, Parexel narrowed its outlook for fiscal 2016, reducing its revenue target by about 2% at midpoint to around $2.14 billion amid sliding profits.

The CRO has also been in the process of shedding around 850 jobs during the past year, with the goal of saving between $20 million and $30 million a year starting from 2016.

By Ben Adams

Source: Fierce Biotech

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