This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Genzyme Founder Says CEO Must Go: Exclusive

Stocks in this article: GENZ

CAMBRIDGE, Mass. ( TheStreet) --The founder of Genzyme (GENZ) says Chairman and CEO Henri Termeer needs to resign his posts if the troubled biotech firm is to right itself.

Sheridan Snyder founded Genzyme in 1981 and ran the company as CEO and chairman until the mid-1980s when Termeer, a drug marketing executive Snyder recruited and hired, took over as the company's top executive.

"A CEO change at Genzyme would be a good idea. Henri has had a good run of 20-plus years but what Genzyme needs now is for someone new to come in with higher energy and a different vision. This would help the company," Snyder told me in a phone interview Wednesday.

Henri Termeer
Genzyme CEO Henri Termeer

Snyder said he felt compelled to make his feelings public after reading my column naming Termeer the Worst Biotech CEO of 2009.

Under Termeer's watch, Genzyme is in the midst of the worst crisis in the company's history. Sloppy manufacturing and quality control problems at the company's suburban Boston facility has led to drug approval delays, a plant shutdown and revenue and earnings shortfalls. The company's stock price is down 27% this year.

Most worrisome to Snyder, he says, is the shortage of Genzyme drugs like Cerezyme that has forced Gaucher disease patients to ration or temporarily stop taking the medicine they need.

"Henri is a very bright guy but he's also the most autocratic manager I have ever seen. He's someone who demands absolute loyalty from everyone, but this has created a tense, sterile environment," says Snyder, who has continued to start up and invest in new biotech and diagnostic companies since leaving Genzyme.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs