Alexion replaces CFO Paul Clancy after just over two years in the post

Shares of Alexion Pharmaceuticals (Nasdaq: ALXN) dipped 1.3% to $106.44 in after-hours trading on Tuesday, after the US biotech company announced plans for the transition of executive vice president and chief financial officer Paul Clancy later this year.

He will be succeeded by Aradhana Sarin, who is currently the chief strategy and business officer. Mr Clancy and Dr Sarin will work together in a formal transition that will occur after the filing of the company’s third quarter results, and he will remain at Alexion and continue to serve as a senior advisor through the middle of 2020.

This announcement is something of a surprise since Mr Clancy spent just a bit over two years with Alexion, according to SVB Leerink Research analyst Geoffrey Porges. Despite the poor performance of Alexion’s stock during his tenure ( -13% absolute return and -37% relative performance vs SP500), Mr Clancy has presided over a major restructuring, a re-location, dramatic improvement in margins, and careful capital allocation.