Ubiome logo visible on display screen. Photo: II.studio/ShutterstockExperienced In-House Attorney Steps Down As uBiome Interim CEO
John Rakow said in a phone call Monday that he gave his two weeks notice in June. He said it was the right time to step down and the company has become more stable.
July 01, 2019 at 04:23 PM
3 minute read
San Francisco-based biotechnology company uBiome announced in a letter to shareholders Sunday that its interim CEO and general counsel, who has spent the majority of his career in-house, has stepped down.
John Rakow said in a phone call Monday that he gave his two weeks notice in June. He said it was the right time to step down and the company has become more stable.
John Rakow, General Counsel, uBiome.
“I left because of that and because I have no desire to be CEO,” Rakow said. “A couple of good opportunities have popped up and it is a good time to turn it over to Goldin.”
According to reports Curtis Solsvig, a director at the consulting firm Goldin Associates, will take over as interim CEO. Solsvig did not respond to an email seeking comment Monday. The new chief operating officer, Karthik Bhavaraju, and chief financial officer, Robin Chiu of uBiome, are also directors at Goldin Associates.
Rakow was made interim CEO in May after it was revealed that uBiome was at the center of an investigation by the FBI over its billing practices.
Rakow came to uBiome with a wealth of in-house experience. His first in-house role was as assistant general counsel in the Navy's Office of General Counsel. In 1998, he worked as vice president and general counsel of O'Brien Kreitzberg. He stayed with the company when it was acquired by URS Corporation, where he served as vice president and corporate counsel.
He was hired as the first senior vice president and general counsel at Asurion in 2003 and in 2009 became the senior vice president of business and legal affairs at Space Systems Loral. He became the senior vice president and general counsel of AppDirect in September 2016. Rakow worked as deputy city attorney at the Port of San Francisco and as an associate at Pettit & Martin in San Francisco.
Rakow's LinkedIn profile indicates as of Monday that he is “seeking new opportunity.” When Rakow was made interim CEO while staying general counsel, he said the company would cooperate with investigators.
“I want all of our stakeholders to know that we intend to cooperate fully with government authorities and private payors to satisfactorily resolve the questions that have been raised, and we will take any corrective actions that are needed to ensure we can become a stronger company better able to serve patients and healthcare providers,” Rakow said in a May press release.
The letter announcing Rakow's departure, which was reviewed by The Wall Street Journal, was sent by a special committee of the board of directors at the company tasked with investigating its billing practices.
“We are also confident that uBiome now has the right team and ethical footing in place to move forward as a strong company,” the letter said.
The company's co-founders and co-CEOs, Jessica Richman and Zac Apte, also resigned from uBiome. They had previously been suspended from their roles in the wake of the FBI investigation, according to reports.
The letter was not publicly available Monday. A spokesperson for uBiome declined to comment on Rakow's departure.
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