Chimerix Inc. (NASDAQ:CMRX) early in the month announced that their CEO then Michelle Berrey was stepping down from her role effective immediately. Following the announcement of Berrey’s departure Chimerix’s stock dropped from $2.39 down to $2.11 and it has been declining although in the last session it did lost 4.02% to close at $1.91.
Berrey had served the Durham based pharmaceutical company since 2014. Besides the executive position, Berrrey also indicated that she was equally resigning from being a board member thus cutting all ties with the company.
Company filing reveals CEO salary
According to the Chimerix’s latest filing, the ex CEO used to receive a salary of approximately $0.541 million in 2017 with the total compensation package following her resignation estimated to be $2.1 million.
The filing indicates that Berrey will continue earning her base salary for up to one and a half years. It will include accelerated conferring of all unsettled time-based stock options as well as other stock awards equivalent to completion of 15 months of service. The company will continue covering her for all other benefits in that period.
New “office of the chief executive officer.”
Garret Nichols, Michael Alrutzz and Timothy Trost will take charge of the company in the newly created “office of the chief executive officer” role in the company. The three executives will, however, continue in their present positions with Trost remaining as CFO, Nichols as the chief medical officer and Alrutz continuing as general counsel.
The company will compensate for their new responsibilities by adding them quarterly payments of $50, 000 each until the end of the year or when the company will appoint a new CEO. The board of directors approved a grant of restricted stock to each covering approximately 100,000 shares.
The reason for Berrey’s departure is not yet clear, and the company officials have not given any further comments regarding the departure.