After nearly three months lacking a permanent company head, stem cells researcher Aastrom Biosciences (NASDAQ:VCEL) announced Wednesday that it has finally settled upon a Chief Executive Officer to replace the one it lost in December.
Back in December, Aastrom CEO Tim Mayleben left the company to take a different CEO job at his previous company, privately held Esperion Therapeutics, thus initiating a short game of musical chairs at Aastrom.
First, Chief Commercial Officer Dan Orlando was forced to keep the CEO's seat warm for a new permanent boss. Then, on Wednesday, the company confirmed that it has hired former Eli Lilly (NYSE:LLY) exec Dominick C. Colangelo to serve as its CEO. Most recently, Colangelo served as CEO of biotech start-up Promedior, for more than three years.
Strangely, Aastrom shares appear to have begun "reacting" to the news before it was announced, rising 7.5% in Wednesday trading, to close at $1.29.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.