Onetime CFO Resigns as ImClone CEO

Daniel Lynch became interim chief executive of the drug company in 2003.
Stephen TaubNovember 14, 2005

Daniel Lynch has resigned as chief executive officer and director of ImClone Systems, the company made famous in part by Martha Stewart, who was jailed for lying about her investment in the drug maker.

Lynch, a former ImClone CFO who had spent most of his career in finance, became the interim CEO in April 2003, according to the Associated Press. He replaced Harlan Waksal, who was appointed chief scientific officer, as the company conducted a review of certain tax liabilities. Waksal eventually resigned.

Current ImClone executive vice president and chief scientific officer Philip Frost will serve as interim CEO while the company’s board conducts an external search for a permanent chief executive. Frost, a medical doctor, will continue on as the company’s chief scientific officer.

How Startup CFO Grew Food Company 50% YoY

How Startup CFO Grew Food Company 50% YoY

This case study of JonnyPops’ success highlights the unusual financial and operational strategies that enabled rapid expansion into a crowded and highly competitive frozen treat market. 

ImClone was at one time run by Harlan Waksal’s brother Sam, who is currently serving a seven-year prison term for illegal insider trading.

Following Harlan Waksal’s resignation, Lynch was handed the permanent CEO position in February 2004. He had joined ImClone in April 2001 as its vice president of finance and CFO. In September 2001, he was promoted to senior vice president, finance, and CFO. In February 2002, he was appointed secretary of the company.

From May 1999 through March 2001, Lynch was CFO of Derby Cycle Corp. Before that, he worked for 15 years in various capacities at Bristol-Myers Squibb Co., including as vice president of finance for U.S. pharmaceuticals in the company’s Worldwide Medicines Group from December 1998 through May 1999.