Moderna’s CFO stays on for a day and receives $1 million

0

Moderna’s chief financial officer quit just a day after starting his new job, pocketing US$700,000 ($1 million) in severance pay. He is the latest senior executive to leave the COVID-19 vaccine maker as it faces questions about its long-term growth.

Jorge Gomez left after his former employer, dental supplies company Dentsply Sirona, said on Tuesday it was investigating the use of inducements to sell products to distributors, as well as other actions to achieve goals executive compensation. Gomez, 54, had been chief financial officer of Dentsply Sirona for almost three years.

Moderna’s once-high shares have come under pressure since late last year amid uncertainty over easing demand for COVID vaccines.Credit:PA

Gomez’s sudden exit means retired Moderna chief financial officer David Meline, 64, will return to a role he only recently left as the company opens a new search for a successor, said Moderna in a statement Wednesday.

Moderna has become a household name around the world due to the success of its COVID vaccine, but it has also faced questions about what other treatments it can bring to market to help support its stratospheric sales growth. . The company said it believes messenger RNA could have applications for the prevention and treatment of many diseases, and is testing flu vaccines based on the technology.

Nonetheless, Moderna’s once-high-flying shares have been under pressure since late last year as investors feared demand for COVID vaccines could decline rapidly as the company has little near-term prospect for another blockbuster from comparable size.

The stock closed down 6.7% on Wednesday and has lost about three-quarters of its value since hitting a high of $484.47 last summer. Moderna first sold shares to the public in late 2018.

Senior redesigns

The CFO instability is the latest in a series of high-profile leadership changes as Moderna transforms from a science-based startup into a biotech giant with billions of dollars in sales.

Other new executives include chief legal officer Shannon Thyme Klinger, who joined Moderna in June after working for pharmaceutical giant Novartis; as well as chief medical officer Paul Burton, who joined in July after a long career at rival COVID-shot maker Johnson & Johnson.

Share.

About Author

Comments are closed.