This was supposed to be the new Biogen. When Chris Viehbacher, a respected pharmaceutical executive, took over as CEO in November, Wall Street saw him as a steadying force for the wayward company and a strong personality who would stand up to its quarrelsome board.
Instead, Biogen’s board has saddled Viehbacher with the first crisis of his tenure at the company. Alex Denner, a long-time director, nominated a biotech executive who is also the mother of his child to succeed him on the board, and Biogen chose not to disclose the couple’s relationship to shareholders, an omission that shocked people close to the company and undermined the notion that Biogen was changing for the better.
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“It’s just disappointing to see after all the criticism that has been levied at the company over the last few years, there really seems to be no self-awareness going into this recommendation,” said Brian Skorney, a securities analyst at Baird who covers Biogen.
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