01—Abstract
Summary
Summary of the 8-K filed August 17, 2022. Cited figures are marked; the original filing is the authoritative source.
Moderna, Inc. (MRNA) announced a significant leadership change in its finance department via an 8-K filing on August 17, 2022.
James Mock has been appointed as the new Chief Financial Officer (CFO), effective September 6, 2022. Mr. Mock brings extensive financial experience, most recently serving as CFO of PerkinElmer, Inc., and prior to that, nearly two decades at General Electric Company (GE), where he held various financial oversight roles. This transition involves the retirement of the current CFO, David Meline, who will remain with the company as a consultant to ensure a smooth handover.
The company has outlined a comprehensive compensation package for Mr. Mock, including a substantial base salary, annual bonus potential, a significant signing bonus, and a notable new hire equity award valued at $6,000,000,a subject to a four-year vesting period. This strategic appointment and compensation structure signal Moderna's commitment to strengthening its financial leadership as it continues to navigate its growth phase and commercialization efforts. Investors will be watching for continued financial discipline and strategic execution under Mr. Mock's leadership.
02—Key points
Key Highlights
- James Mock appointed as new Chief Financial Officer (CFO), effective September 6, 2022.
- Current CFO David Meline to retire on September 6, 2022, and will serve as a consultant to assist with the transition.
- Mr. Mock has extensive financial leadership experience, including CFO of PerkinElmer and nearly 20 years at General Electric (GE).
- Mr. Mock's compensation package includes an annual base salary of $750,000, annual bonus potential, a $1,000,000 signing bonus, and a $6,000,000 new hire equity award with a four-year vesting period.
- The equity award offers Mr. Mock flexibility in how he receives it (stock options and/or RSUs).
- Mr. Mock will be eligible for standard executive compensation and benefit plans, including severance and an indemnification agreement.
- The company issued a press release on August 17, 2022, announcing this leadership change.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer (CFO) of Moderna?
James Mock has been appointed as the new CFO of Moderna, Inc., effective September 6, 2022.
What is the compensation package for the new CFO, James Mock?
Mr. Mock will receive an initial annual base salary of $750,000, be eligible for an annual cash bonus with a target of 90% of his base salary, a $1,000,000 signing bonus, and a $6,000,000 new hire equity award that vests over four years. He will also be eligible for annual equity awards in future years with a target value of $3,000,000 to $4,000,000.
What is happening with the current CFO, David Meline?
David Meline will retire as CFO effective September 6, 2022, coinciding with Mr. Mock's start date. He will remain with Moderna as a consultant to assist with the transition.
What relevant experience does James Mock bring to Moderna?
Mr. Mock has significant financial leadership experience. He most recently served as Senior Vice President and CFO of PerkinElmer, Inc., and prior to that, held various financial oversight roles at General Electric (GE) for nearly 20 years.
04—Continue