Cassava ScienceNASDAQ:SAVAGeneral Electric Automotive Co. announced changes to its executive leadership on Wednesday, with Richard Barry taking over as the company’s chief executive officer and executive chairman of the board.
The neuroscience-focused pharmaceutical company is researching a new drug. Permanent CEO to replace Remi Barbier who resigned from the company and the board of directors.
Barbier, who has served as Chairman, President and Chief Executive Officer, will remain an employee of the Company until September 13, 2024 in a non-executive capacity, without duties or responsibilities.
With the appointment of the new CEO, the Board plans to separate the roles of Chairman and CEO.
Additionally, Lindsay Burns, Cassava’s senior vice president of neuroscience, will also be leaving the company.
“While our priority remains developing a potential effective treatment for Alzheimer’s disease, the Board has a firm commitment to doing so with transparency, accountability and the highest ethical business practices,” said Mr. Barry.
Mr. Barry has been a Director of Cassava (SAVA) since June 2021. Since June 2015, he has also been a Director of Sarepta Therapeutics (SRPT), and from June 2019 to October 2020, he has been a Director of MiMedx Group (MDXG).
SAVA says it is reviewing its disclosure practices to ensure it provides stakeholders with clear and comprehensive information.
Cassava Sciences (SAVA) shares fell by about 27% pre market after news
