The US contract research organisation announced Bank’s resignation in a Securities and Exchange Commission (SEC) on July 15 explaining that he is leaving “in order to take a senior leadership role in another company.”
A spokeswoman told us “I can confirm that Ingo Bank, Senior Vice President and Chief Financial Officer CFO, has left Parexel. Since joining PAREXEL three years ago, Mr. Bank has provided leadership across various areas of our organization. We congratulate and wish Ingo success.”
She declined to provide any details of the company Bank will join, but did add "My understanding is that Ingo is returning to his native Germany."
Replacement
Emma Reeve, Parexel Corporate Vice President and Controller, has been appointed as interim CFO while the firm searches for a full time replacement.
William Blair analyst, John Kreger, questioned the timing of Bank’s departure – which is after the end of Parexel’s financial year but before it publishes its financial results – but said subsequent comments by management had provided reassurance.
“Mr. Bank’s departure reportedly does not relate to any issues or disagreement around the year-end close, the audit, or strategy. Moreover, the company reiterated the guidance provided recently at the investor day in late June. “