Joe Z's current Executive Profile on Bloomberg shows that as of July 24, 2014 (!) he is one of the Directors of Gliacure. This is a privately held company in Boston. They are focused on the development of novel therapies for neurological and neuropsychiatric disorders based on glia targets.
Also, his Executive Profile shows a Bachelor's Degree in Chemical Engineering and an MS degree in Biochemical Engineering, both from Drexel. He followed up with an MBA in Finance from Indiana University. All good credentials.
I bring this up because I want to make a point of identifying where Joe's strengths as a leader may (or may not) be. I think for the bulk of his career he has been chosen to lead companies based on his experience and ability in bringing new drugs/therapies to fruition. He may or may not be all that interested in taking companies past that point.
I don't believe it was a mistake to have him lead Amarin during the time period in which the company was trying to get final approvals for expanded populations. He is very confident about Vascepa, as a chemical and as a great development in CV therapies. And he touts the patents as the lynchpin of success for this chemical.
As for financing, as soon as it became apparent that the FDA wasn't managing the process in the way Joe and others expected...then additional financing options became an urgent necessity. We simply have to get through a much longer period of time than originally anticipated.
What Joe probably isn't interested in, as a CEO, is leading a sales effort, and all the operational details involved in that effort (including to some degree, financing). Based on this, my assumption is that his retirement as CEO was a mutual decision, and his retention on the BOD is related to ongoing research/study efforts. He also has a huge financial interest in the success of the company. His new position at Gliacure supports the idea that his heart is in Development and not in Operations.
Simply put, I believe Joe was the right guy at the right time, and as soon as the scenario changed, he did the right thing by bowing out and letting someone else take the reins. He wasn't "canned" and he hasn't been a failure.
I also feel all the concerns about the financing issues will be resolved, once sales reach a certain level. When your company starts becoming successful, financing terms get a lot easier.
