Tillman Gerngross (Adagio)

Till­man Gern­gross makes it of­fi­cial: He's out as CEO as trou­bled Ada­gio vows to sol­dier on

The oth­er shoe has dropped at Ada­gio.

On Wednes­day evening, the com­pa­ny put out a re­lease say­ing that found­ing CEO Till­man Gern­gross, a high pro­file fig­ure in the an­ti­body world, had re­signed — con­firm­ing an ear­li­er SEC fil­ing that he had agreed to leave. In his place, the board ap­point­ed COO David Her­ing to the in­ter­im CEO job, while launch­ing a search for a new chief.

The board went on to praise Gern­gross for cre­at­ing a strong foun­da­tion at the com­pa­ny, which in­cludes a cush­ion of cash af­ter rais­ing more than $800 mil­lion in a lit­tle more than a year while tak­ing the com­pa­ny pub­lic $AD­GI.

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