Moderna’s recently appointed chief financial officer has stepped down after just one day on the job following his previous employer launching an internal investigation related to financial reporting.
Moderna announced on Wednesday that its new chief financial officer, Jorge Gomez, is leaving the company effective immediately.
In the meantime, recently retired Chief Financial Officer, David Meline, will continue his role as the Chief Financial Officer (CFO) while Moderna reopens its search for a new CFO.
Fox News reported:
Wednesday’s announcement comes after Gomez’s former employer, Dentsply Sirona Inc., disclosed an ongoing internal investigation related to financial reporting.
The investigation is focused on Dentsply’s use of incentives to sell its dental products to distributors in the third and fourth quarter of 2021 and whether those incentives were appropriately accounted for and those sales were adequately disclosed in periodic reports to the Securities and Exchange Commission.
In addition, Dentsply is also investigating allegations that certain former and current members of its senior management team directed use of the incentives and other actions to achieve executive compensation targets for 2021. Dentsply’s audit and finance committee has retained outside independent counsel to assist in the investigation
“The Company cannot predict the duration or outcome of the investigation,” the firm added. “As a result, the Company has not yet finalized its financial statements or its assessment of the impact of the investigation on its historical financial statements or for the financial statements for the three months ended March 31, 2022, and is therefore unable to file the Form 10-Q on a timely basis. The Company is working toward filing the Form 10-Q as soon as practicable, but does not expect to be in a position to file it within five calendar days following the prescribed due date.”
Gomez will receive 12 months’ salary totaling $700,000 and COBRA coverage for 12 months in connection with his departure. He will also forfeit his signing bonus, eligibility for relocation reimbursements, bonus eligibility and his eligibility for new hire equity awards that were recently disclosed in Moderna’s 8-K filing on April 11.
Last edited by TFS on Mon May 16, 2022 11:57 am, edited 1 time in total.
Moderna’s recently appointed chief financial officer has stepped down after just one day on the job following his previous employer launching an internal investigation related to financial reporting.
Moderna announced on Wednesday that its new chief financial officer, Jorge Gomez, is leaving the company effective immediately.
In the meantime, recently retired Chief Financial Officer, David Meline, will continue his role as the Chief Financial Officer (CFO) while Moderna reopens its search for a new CFO.
Fox News reported:
Wednesday’s announcement comes after Gomez’s former employer, Dentsply Sirona Inc., disclosed an ongoing internal investigation related to financial reporting.
The investigation is focused on Dentsply’s use of incentives to sell its dental products to distributors in the third and fourth quarter of 2021 and whether those incentives were appropriately accounted for and those sales were adequately disclosed in periodic reports to the Securities and Exchange Commission.
In addition, Dentsply is also investigating allegations that certain former and current members of its senior management team directed use of the incentives and other actions to achieve executive compensation targets for 2021. Dentsply’s audit and finance committee has retained outside independent counsel to assist in the investigation
“The Company cannot predict the duration or outcome of the investigation,” the firm added. “As a result, the Company has not yet finalized its financial statements or its assessment of the impact of the investigation on its historical financial statements or for the financial statements for the three months ended March 31, 2022, and is therefore unable to file the Form 10-Q on a timely basis. The Company is working toward filing the Form 10-Q as soon as practicable, but does not expect to be in a position to file it within five calendar days following the prescribed due date.”
Gomez will receive 12 months’ salary totaling $700,000 and COBRA coverage for 12 months in connection with his departure. He will also forfeit his signing bonus, eligibility for relocation reimbursements, bonus eligibility and his eligibility for new hire equity awards that were recently disclosed in Moderna’s 8-K filing on April 11.
