Wednesday, January 10, 2007

Finneran out as MBC chairman, board will seek 'similar' replacement

Less than a week after pleading guilty to an obstruction of justice charge for making false statements under oath, Thomas Finneran resigned from his post as president of the Massachusetts Biotechnology Council.

Finneran, a former Speaker of the Massachusetts House of Representatives, will receive severance pay of between $100,000 and $150,000 -- far less than the $400,000 or so that he would have been owed under his contract with the life-sciences industry group. Finneran's resignation is effective immediately.

Michael Webb, chairman of the MBC, said in an interview that the former state legislator was very effective in advocating for the life-sciences industry, and that the council intends to hire a new president with "a very similar background" in state politics.

Last week, Finneran admitted his guilt in making false statements in U.S. District Court regarding his role in a 2001 redistricting plan that discriminated against minority voters in Boston. He was sentenced to 18 months of probation, ordered to pay a $25,000 fine, and agreed not to run for political office for five years.

The MBC's board of directors unanimously accepted Finneran's resignation Tuesday evening. Michael D. Webb, chairman of the MBC, in a statement credited Finneran with increasing the group's membership from 375 to 530 since he took the president's job in 2004.

Meantime, the council's chief operating officer, Mark Robinson, will serve as acting president. And Finneran has agreed to assist the board in transferring his duties over the next month.

Finneran's resignation comes as the council prepares for the 2007 BIO International Convention, a global life-sciences industry expo taking place in Boston in May that is expected to draw more than 20,000 visitors.

Despite Finneran's departure, the council is "well-positioned" to help make the event a success, Webb said.

The council chairman added that the board would unlikely hire a new president before the conference in May. The council plans to hire a recruiting firm in the coming weeks, he said.