Synta CEO resigns

|By:, SA News Editor

Synta Pharmaceuticals' (SNTA) president & CEO, Safi R. Bahcall, has resigned effective immediately.

A newly formed executive committee will run the business until a successor is hired.

The company discloses no reasons for Dr. Bahcall's departure.

The firm has been an underperformer for more than a year. Shares are down 48% since last February.

Mutual fund ownership has eroded from 176 to 133 over the past 4 quarters.