Cassava Sciences(SAVA.US) announced management changes on Wednesday, with Richard Barry taking the position of CEO and Chairman of the Board.
The biopharmaceutical company focused on neurosciences is looking for a new permanent CEO to replace Remi Barbier, who is stepping down as CEO and Chairman of the Board. Shares of Cassava were down more than 30% in pre-market trading following the announcement.
Barbier has served as Chairman, President and CEO of the Company and will continue to be employed by the Company as a non-executive Director until September 13, 2024, without any obligations or duties.
With the appointment of a new CEO, the Board plans to separate the Chairman and CEO roles.
Additionally, Cassava Neurosciences Senior Vice President Lindsay Burns will be leaving the Company.
Barry said, “While our primary focus remains the development of a potential effective Alzheimer’s disease treatment, the Board is firmly committed to achieving this goal through transparent, accountable and highest ethical business practices.”
Barry has served as a Director of Cassava since June 2021. He has also served as a Director of Sarepta Therapeutics(SRPT.US) since June 2015; and as a Director of MiMedx Group(MDXG.US) from June 2019 to October 2020.
Additionally, Cassava indicated it is reviewing its disclosure practices to ensure that stakeholders receive clear and comprehensive information.