01—Abstract
Summary
Summary of the 8-K filed February 21, 2025. Cited figures are marked; the original filing is the authoritative source.
Roivant Sciences Ltd. (ROIV) filed this Current Report on Form 8-K under Item 5.02, reporting a leadership change in its finance function.
Rakhi Kumar stepped down as Principal Accounting Officer of Roivant Sciences Ltd. and as Chief Accounting Officer of its subsidiary, Roivant Sciences, Inc. (RSI), effective February 20, 2025. The company thanked Ms. Kumar for her many years of service. Jennifer Humes was appointed to succeed her as Principal Accounting Officer of the Company and Chief Accounting Officer of RSI, effective the same date.
Ms. Humes most recently served as a Managing Director at JPMorgan Chase from September 2016 to December 2024, where she led a team of more than 80 controllers covering the global investment banking businesses. Earlier roles include Senior Vice President at Citigroup (2013 to 2016) and various audit positions at Deloitte (2005 to 2013) and PricewaterhouseCoopers (2003 to 2005). She holds a BA in Accounting from the University of St. Thomas and is a Certified Public Accountant.
The filing also sets out the material terms of Ms. Humes's offer letter with RSI: an annual base salary of $380,000,a a sign-on bonus of $261,500 subject to repayment if she leaves on or before the second anniversary of the payment date, a target annual cash bonus of $190,000, RSU grants with an estimated grant-date value of approximately $1.2 million, and option grants with an estimated Black-Scholes value of approximately $800,000. The filing states there are no family relationships or related-person transactions involving Ms. Humes.
02—Key points
Key Highlights
- Rakhi Kumar stepped down as Principal Accounting Officer of Roivant Sciences Ltd. and Chief Accounting Officer of Roivant Sciences, Inc., effective February 20, 2025.
- Jennifer Humes was appointed Principal Accounting Officer of the Company and Chief Accounting Officer of RSI, effective February 20, 2025.
- Ms. Humes previously was a Managing Director at JPMorgan Chase (September 2016 to December 2024), leading a team of more than 80 controllers for global investment banking.
- Ms. Humes's offer letter provides an annual base salary of $380,000 and a target annual cash bonus of $190,000.
- A sign-on bonus of $261,500 is payable within 30 days of the effective date and must be repaid in full if her employment ends on or before the second anniversary of the payment date.
- Equity awards include RSUs with an estimated grant-date value of approximately $1,200,000 (vesting 25% after one year, then in twelve quarterly installments) and options with an estimated Black-Scholes value of approximately $800,000 (vesting 25% after one year, then in thirty-six monthly installments).
- The filing states there are no family relationships or related-person transactions involving Ms. Humes.
03—Questions
Frequently Asked Questions
Who is leaving the finance leadership role at Roivant?
Rakhi Kumar stepped down as Principal Accounting Officer of Roivant Sciences Ltd. and as Chief Accounting Officer of its subsidiary, Roivant Sciences, Inc., effective February 20, 2025. The company thanked her for her many years of service.
Who replaced Rakhi Kumar?
Jennifer Humes was appointed as Principal Accounting Officer of the Company and Chief Accounting Officer of RSI, effective February 20, 2025.
What is Jennifer Humes's professional background?
Ms. Humes was a Managing Director at JPMorgan Chase from September 2016 to December 2024, most recently leading a team of more than 80 controllers covering global investment banking. She previously was a Senior Vice President at Citigroup (2013 to 2016), held audit roles at Deloitte (2005 to 2013), and began her career at PricewaterhouseCoopers (2003 to 2005). She holds a BA in Accounting from the University of St. Thomas and is a CPA.
What compensation has been agreed for Ms. Humes?
Her offer letter with RSI provides a $380,000 annual base salary, a $261,500 sign-on bonus payable within 30 days of the effective date, and a $190,000 target annual cash bonus. She will also receive RSU and option grants with estimated values of approximately $1,200,000 and $800,000, respectively, under the 2021 Equity Incentive Plan.
Is the sign-on bonus subject to any conditions?
Yes. The sign-on bonus must be repaid in full if Ms. Humes's employment with RSI or any affiliate terminates for any reason on or before the second anniversary of the payment date.
04—Continue