A leadership change needs a stated purpose. Shareholders deserve to know what the board intends it to accomplish, not merely who takes over.

On September 29, Pharming Group announced its chief executive’s departure, citing a disagreement over how to advance its strategy. According to the company, the board and CEO Fabrice Chouraqui agreed that their views on advancing the next phase of the strategy were “not sufficiently aligned” (Pharming Group, “Pharming Announces CEO Transition”).

“Not sufficiently aligned” states a reason for departure. It does not identify the disputed priority. That distinction matters: succession names the people taking charge; disclosure explains the purpose of the change.

Pharming announced continuity arrangements alongside the departure. Chief Commercial Officer Leverne Marsh and Chief Financial Officer Kenneth Lynard immediately became joint interim CEOs: Marsh leads patient-focused operations, and Lynard leads global corporate functions.…