8-KLeadership Changes

ALNYLAM PHARMACEUTICALS, INC. 8-K Report, Executive Changes (Mar 3, 2011)

Filed March 3, 2011For Securities:ALNY

Summary

This 8-K filing from Alnylam Pharmaceuticals, Inc. (ALNY) announces a key change in its finance leadership. Patricia L. Allen has resigned as Vice President, Finance and Treasurer. The company expects Ms. Allen to assist with a smooth transition and will consult for the company for one year post-resignation, indicating a structured handover and continued engagement for a period. To fill this critical role, Alnylam has appointed Michael P. Mason as the new Vice President, Finance and Treasurer, and Principal Financial and Accounting Officer. Mr. Mason is an internal promotion with extensive experience within Alnylam, having served as Corporate Controller and in various other finance roles since 2005. His prior experience at Praecis Pharmaceuticals and KPMG LLP further strengthens his financial expertise. In connection with his promotion, Mr. Mason has been granted a stock option award, aligning his interests with those of shareholders.

Key Highlights

  • 1Patricia L. Allen has resigned as VP, Finance and Treasurer, effective February 28, 2011.
  • 2Ms. Allen will remain available to assist in transition and will consult for the company for one year.
  • 3Michael P. Mason has been appointed as the new VP, Finance and Treasurer and Principal Financial and Accounting Officer, effective February 28, 2011.
  • 4Mr. Mason is an internal candidate with significant experience at Alnylam since 2005, including his role as Corporate Controller.
  • 5Mr. Mason's background includes prior experience at Praecis Pharmaceuticals and KPMG LLP.
  • 6Mr. Mason has been granted a stock option to purchase 25,000 shares at an exercise price of $10.98 per share.
  • 7The stock option vests over four years, with 25% after the first year and the remainder ratably over the subsequent three years.

Frequently Asked Questions

Patricia L. Allen's resignation as VP, Finance and Treasurer is managed by a planned transition. She will consult for the company for one year, ensuring continuity and knowledge transfer to her successor, Michael P. Mason. This structured approach aims to minimize disruption to financial operations.

Michael P. Mason has been appointed as the new VP, Finance and Treasurer and Principal Financial and Accounting Officer. He is an experienced internal candidate, having served in various finance roles at Alnylam since 2005, most recently as Corporate Controller. He also has prior experience at Praecis Pharmaceuticals and KPMG LLP, and holds an MBA and CPA designation.

The stock option award of 25,000 shares to Mr. Mason is a common executive compensation practice designed to incentivize and retain key personnel. It aligns his financial interests with those of Alnylam's shareholders, as the value of his award is tied to the company's stock performance.

The stock option granted to Michael P. Mason vests over a four-year period. 25% of the shares vest on the first anniversary of the grant date, and the remaining shares vest ratably over the subsequent three years, meaning 75% of the shares vest over the following 36 months.