Effective Feb. 5, Bob Hugin, executive chairman of pharmaceutical giant Celgene, will step down, according to Street Insider.
Here are five things to know.
1. Mr. Hugin served at Celgene for 19 years. He first joined the drugmaker in 1999 as CFO. He also held COO and CEO positions at the company before he was appointed as executive chairman in March 2016.
2. Mr. Hugin handed the CEO position to Mark Alles in 2016, but retained serious influence in the company with his board position.
3. Mr. Alles, CEO of Celgene, has been appointed to an additional role as Chairman of the Board of Directors.
4. Under Mr. Hugin's leadership as Chairman and CEO, Celgene's net product sales and adjusted earnings per share grew annually by double-digit percentages. As a result, the company grew from 2,500 employees in 2010 to more than 7,500 employees to date.
5. Politico reported earlier in January that Mr. Hugin is considering a run for Senate in New Jersey. It is not confirmed if his abrupt retirement decision is connected to this consideration.