Moderna Inc.(NASDAQ:MRNA) appointed a new chief financial officer approximately three months after its previous hiring abruptly resigned owing to an internal probe at a past firm.
Moderna Appoints James Mock As New CFO
The Cambridge, Massachusetts-based biotechnology business said on Wednesday that James Mock will assume the role of chief financial officer on September 6, while David Meline will retire on the same date. Moderna stated that Mr. Meline, who had served as CFO since 2020 and was recalled in May, will remain with the company as a consultant to assist with the transition.
Since 2018, Mr. Mock has managed the finances of PerkinElmer Inc. (NYSE:PKI), a Massachusetts-based manufacturer of scientific instruments. According to his LinkedIn page, he held numerous finance positions at General Electric Co. (NYSE:GE) for nearly two decades, including vice president of corporate audit staff and CFO of a GE Aviation subsidiary.
Mr. Meline and Mr. Mock were not made accessible for interviews by Moderna (NASDQ:MRNA). Mr. Mock declined to speak in response to a request.
Mr. Mock joins Moderna (NASDAQ:MRNA) after the company announced in May that the previous CFO, Jorge Gomez, would be leaving after only a single day on the job. Mr. Gomez was hired from Dentsply Sirona Inc. to succeed Mr. Meline, who planned to retire. The day after Mr. Gomez joined Moderna (NASDAQ:MRNA), Charlotte, North Carolina-based Dentsply disclosed a financial reporting probe. Moderna stated at the time that it had not been told of the investigation in advance.
Dentsply stated on Monday that it remains out of compliance with Nasdaq Stock Market listing requirements since its first- and second-quarter reports have not yet been submitted. The company, which has stated it cannot publish quarterly reports while the investigation is ongoing, has stated it is finalizing its financial statements and has requested Nasdaq for further time to file the reports, which might allow Dentsply until November 7 to do so.
This week, the company also announced that lenders have extended the deadline for filing unaudited second-quarter financial statements. The organization refuses to speak further than its public filings.
This month, Moderna stated that its most recent quarter’s revenue increased while earnings plunged. The company’s second-quarter net revenue increased by nine percent year-over-year to reach $4.7 billion. Charges related to expired Covid-19 vaccination doses and altered purchasing agreements caused a 21% decline in earnings to $2.2 billion.
Moderna (NASDAQ:MRNA) secured a $1.74 billion contract with the federal government at the end of July to provide 66 million doses of its revised vaccine, which is designed to target Omicron subvariants more effectively.
Moderna (NASDAQ:MRNA) stated in a regulatory filing that Mr. Mock will get an annual base salary of $750,000 and an annual cash bonus with a target value of 90% of his annual salary in his new position. In addition, he will be entitled to a $1 million signing bonus and a $6 million new-hire equity grant, according to the filing.
Analysts viewed Mr. Mock’s appointment at Moderna (NASDAQ:MRNA) as a favorable development.
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