17th Dec 2019 15:55
(Alliance News) - Silence Therapeutics PLC said Tuesday that Chief Executive Officer David Horn Solomon has resigned effective immediately, following court action in Denmark.
Earlier Tuesday, Silence had said the Solomon was subject to a private creditor action in Denmark, relating to his time as managing partner of Sund Capital ApS from 2016 to 2018. Silence said a bankruptcy motion had been filed against Solomon and would be heard in the next few days.
"David is keeping the Silence board closely informed on developments in relation to this matter and is confident that in time he can meet his financial obligations," the company had said earlier, noting Solomon remained CEO of Silence.
The newly appointed executive chair, Iain Ross, will lead the company with immediate effect and commence a search to find a suitable successor, Silence said in its follow-up announcement. Earlier Tuesday, Silence had said that Ross would move from non-executive to executive chair effective January 1.
The company had said Ross would work alongside Solomon, who would increasingly focus on implementing the company's strategy in the US.
"We thank David for his contribution to Silence and wish him well for the future," Ross said in the company's later statement. "The company is in its most robust health both financially and operationally."
Ross re-joined the Silence board as non-executive chair in April. Since that time, Silence appointed Rob Quinn as chief financial officer and Giles Campion as head of research & development and chief medical officer.
In addition, the company said earlier Tuesday that in anticipation of an increased focus on the US, Dave Lemus, a non-executive director, will take over the chair of the audit & risk committee from Alistair Gray, who will become senior independent director. The company said it also intends to appoint two more non-executive directors and senior managers with US experience.
Silence Therapeutics shares were down 5.7% in London at 462.00 pence each on Tuesday afternoon.
By Loreta Juodagalvyte; [email protected]
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