Why Did Moderna CFO Exit Just A Day After Taking Charge

  • Moderna Inc MRNA announced that its recently appointed Chief Financial Officer, Jorge Gomez, has departed the company, effective immediately
  • The announcement follows the public disclosure by Gomez's former employer, Dentsply Sirona Inc XRAY, of an ongoing internal investigation into some issues, including financial reporting.
  • The audit investigates Dentsply Sirona's "use of incentives to sell products to distributors in the third and fourth quarters of 2021, and whether those incentives were appropriately accounted for and the impact of those sales was adequately disclosed."
  • Dentsply Sirona also said that it has not yet finalized its Q1 financial statements because of the investigation.
  • Moderna added in an SEC filing that Gomez would forfeit his signing bonus, eligibility for relocation reimbursements, bonus eligibility, and his eligibility for new hire equity awards. 
  • However, he will receive 12 months of severance (to a total of $700,000) and 12 months of coverage under COBRA.
  • Moderna's recently retired Chief Financial Officer, David Meline, will continue as Chief Financial Officer as of May 11 while Moderna reopens its search for a new CFO.
  • Price Action: MRNA shares are down 6.82% at $123.30 during the market session on the last check Wednesday.
  •  Photo by mufidpwt via Pixabay
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