Moderna Inc. named a new finance chief roughly three months after the Covid-19 vaccine maker’s previous hire for the role departed abruptly due to an internal investigation under way at a prior employer.
The Cambridge, Mass.-based biotechnology company on Wednesday said James Mock will start as its chief financial officer, effective Sept. 6, and David Meline, who has been filling in as CFO, will retire on the same day. Mr. Meline, who had served as CFO since 2020 and was called back in May, will remain at the company as a consultant to help with the transition, Moderna said.
Mr. Mock has led since 2018 the finances of PerkinElmer Inc., a scientific instruments maker headquartered in Waltham, Mass. Before that, he held various finance roles at General Electric Co. over the course of nearly two decades, including vice president of corporate audit staff and CFO of a GE Aviation division, according to his LinkedIn profile.
James Mock has been named chief financial officer of Moderna.
Photo: PerkinElmer
Moderna didn’t make Messrs. Meline and Mock available for interviews. Mr. Mock didn’t respond to a request for comment.
Mr. Mock joins Moderna after the company in May said that then-CFO Jorge Gomez was leaving after just a day on the job. Mr. Gomez was recruited from dental supplies maker Dentsply Sirona Inc. to take over for Mr. Meline, who was planning to retire. The day after Mr. Gomez joined Moderna, Charlotte, N.C.-based Dentsply disclosed an investigation into financial reporting matters. Moderna said at the time that it hadn’t been previously informed of the investigation.
Dentsply on Monday disclosed that it remains out of compliance with Nasdaq Stock Market listing rules because it hasn’t yet filed its first- and second-quarter reports. The company, which has said it is unable to file quarterly reports while the probe is under way, said it is working to finalize its financial statements and has asked Nasdaq for more time to file the reports, which could give Dentsply until Nov. 7.
The company also said this week that lenders have extended the deadline to file unaudited financial statements for the second quarter. The company declined to comment beyond its public filings.
This month, Moderna reported that revenue grew in its most recent quarter as profits plummeted. Net revenue rose 9% in the second quarter from the prior year period, to $4.7 billion, the company said. Profits skidded 21% to $2.2 billion because of charges tied to expired Covid-19 vaccine doses and changed purchase commitments.
At the end of July, Moderna signed a $1.74 billion contract with the federal government to provide 66 million doses of the company’s updated vaccine, which is meant to better target Omicron subvariants.
In his new role, Mr. Mock will receive an annual base salary of $750,000 as well as a yearly cash bonus with a target value of 90% of his annual pay, Moderna said in a regulatory filing. Additionally, he will be eligible to receive a one-time signing bonus of $1 million and a new-hire equity award valued at $6 million, the filing said.
Analysts saw Mr. Mock’s appointment as a positive for Moderna.
“It’s great to have a new CFO in place who can help hit earnings numbers, financial guidance and make sure that Moderna is hitting consensus numbers and wisely spending the cash,” said Michael Yee, a managing director at financial services firm Jefferies Financial Group Inc.
“The trick in the new CFO’s role is being able to project through uncertainty,” Mr. Yee added, pointing to the company’s ability to predict Covid-19 vaccine demand and sales over the next few years.
Mr. Gomez’s exit was a “speed bump” that Moderna is moving past, Mr. Yee said. “I think it’s safe to say the company did a little bit more diligence this time around,” he added.
Write to Jennifer Williams-Alvarez at [email protected]
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Appeared in the August 18, 2022, print edition as ‘Moderna Names New CFO After Prior Hire Left Abruptly.’
