Vice Chair to Step Down at Millennium Pharmaceuticals - TheStreet

Vice Chair to Step Down at Millennium Pharmaceuticals

Kenneth Bate will take over commercial operations from Vaughn Kailian.
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Millennium Pharmaceuticals

(MLNM)

said Chief Financial Officer Kenneth Bate will take on the additional role of head of commercial operations, replacing Vaughn Kailian, vice chairman, who has decided to leave the biopharmaceutical company at the end of the year.

Bate will be responsible for all commercial operations and the business functions of global corporate affairs, finance and corporate strategy. Kailian has relinquished his daily responsibilities for commercial operations.

The company said Kailian will retain his position as vice chair, continuing to serve as a member of the company's board. For the rest of the year, he will work to ensure a smooth transition of his responsibilities and will continue to be involved in corporate strategic activities.

Millennium also said Marsha Fanucci has been named to the newly created position of vice president of finance and corporate strategy. She will be in charge of the treasury, planning and financial planning and reporting functions.

Kailian will remain in a management role through December, Millennium said. Bate joined the company as chief financial officer in December 2002.

Shares of Millennium were recently down 34 cents, or 2.3%, to $14.80.