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The new CEO of a small private biotechnology company had failed to keep the board up-to-date on what was going on inside the company. What's more, the former drug company executive-turned CEO neglected some important aspects of the operation, such as business development. A key board member had to roll up his sleeves and do the "dirty work" of getting the CEO fired. "He was a poor communicator," says the board member, who requested anonymity. "It was just a bad fit."
Having the wrong person in the right job can be an expensive mistake. It cost the company time, money, and extra effort to oust the problematic CEO and replace him with a better fit, the board member says. As the biotechnology sector grows, so do the stakes involved when it comes to hiring the right people.
The US biotech workforce of about 220,000 has grown by ...
