In a significant shift at AlloVir, Inc., the company has announced the departure of its Chief Executive Officer, Diana Brainard, MD, effective immediately. The leadership change comes as the company's stock trades near its 52-week low of $0.40, having declined nearly 80% over the past year. Concurrently, Vikas Sinha, previously serving as the President and Chief Financial Officer, has been appointed as the new CEO.
Dr. Brainard, who also resigned from her position on the Board of Directors, parted ways with AlloVir without any reported disagreements regarding the company's operations or practices. As part of her departure, she has entered into a Separation Agreement with AlloVir, which includes a substantial severance package.
This package comprises 36 months of her base salary as a lump sum, an amount equal to her target bonus for the current year, a $100,000 completion bonus related to a proposed merger with Kalaris Therapeutics, Inc., COBRA premium payments for up to 18 months, and an acceleration of equity award vesting. According to InvestingPro data, the company maintains a strong liquidity position with its current ratio at 86.78, suggesting ample resources to meet its obligations, including this severance package.
Vikas Sinha, age 61, brings to the CEO role extensive experience in the life sciences industry, including over two decades in executive finance positions. His previous tenure includes significant roles at Alexion Pharmaceuticals (NASDAQ:ALXN) and various positions within Bayer AG (ETR:BAYGN). Sinha's appointment as CEO is part of a direct transition without any reported external arrangements or related party transactions.
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