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CFO's Abrupt Exit: One More Turn to the Revolving Door on PDLI's Executive Suite and Board

|Includes: PDL BioPharma, Inc. (PDLI)

BioPharma (NASDAQ: PDLI) announced this morning that CFO Christine Larson resigned last Friday and that it had initiated a search for her replacement. Larson’s unexpected departure takes the body count in the executive suite at PDLI to 4 CEOs, 3 CFOs (after a replacement is hired), and 5 principal accounting officers in the last 5 years.

In addition, there have been 12 departures from PDLI’s board, including 4 chairmen, over the same time period.

The lack of an immediate successor to the CFO is likely to create a significant amount of short-term discontinuity in the finance department while a replacement is identified. The company did not disclose who would assume Larson’s responsibilities while it conducted its search.

Notably, PDLI's stock has underperformed both the NASDAQ and NASDAQ Biotech Index (NBI) dating back to Dec-06 (NASDAQ: +6.4%, PDLI: +0.5%, NBI: +26.2%).

Here is a link to the Press Release.