Enzon CEO to retire; CFO to assume larger role

Enzon Pharmaceuticals Inc., a Cranford-based pharma company that has transitioned into an acquisitions firm, announced Monday that CEO Andrew Rackear will retire at the end of February.

Rackear, who joined Enzon in 2010, has served as CEO since 2016. Upon his retirement Feb. 26, the company’s chief financial officer, Richard Feinstein, will assume the CEO and secretary roles, while maintaining his CFO post.

“On behalf of the board of directors, I would like to thank Andy for his leadership and commitment to the company during his over 10 years with Enzon,” Chairman Randolph Read said in a prepared statement. “Andy has led Enzon through its transition from a pharmaceutical company to a lean organization, and, now, with the completion of our rights offering, poised for future growth.”

Rackear will remain in a consulting role for the company, as needed, it noted.

“It has been an honor and privilege leading Enzon through its transformative journey,” Rackear said in a statement. “Following the recent rights offering, the company is in a strong financial position. Under the leadership of the board and Rick, I have no doubt that Enzon has an impressive and exciting future.”