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Investing.com -- Celularity Inc (NASDAQ:CELU) stock dropped 5.5% after the regenerative and cellular medicine company announced it has terminated the employment of its Chief Financial Officer, David Beers, effective immediately.
The company stated that Beers’ termination was "without cause" and not related to Celularity’s financial or operating results, nor to any disagreements regarding the company’s financial or reporting practices. Under the terms of his employment agreement, Beers will be entitled to certain payments and benefits, subject to his compliance with the agreement’s terms.
Joseph DosSantos, Celularity’s current Senior Vice President Finance, has been appointed as interim CFO effective June 10, 2025, while the company conducts a search for a permanent replacement. DosSantos will continue in his current role during the transition period without additional compensation.
To support its financial operations during this transition, Celularity has retained the CFO Squad, a financial and business advisory firm that will provide SEC reporting support and consulting services to optimize the company’s financial processes. The firm will work under the direction of John R. Haines, Celularity’s Senior Executive Vice President and Chief Administrative Officer.
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