SRPT - Cassava Sciences Announces Changes in Executive Leadership Enhanced Corporate Governance and Other Initiatives | Benzinga
- Rick Barry appointed Executive Chairman of the Board
- Remi Barbier resigns as President and CEO and from the Board of Directors
- Cassava initiates search for a new CEO
AUSTIN, Texas, July 17, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (NASDAQ:SAVA) today announced that the Board of Directors has appointed Richard (Rick) Barry as Executive Chairman of the Board and as the Company's principal executive officer, effective immediately. The Company is undertaking a search for a new permanent CEO.
Mr. Barry succeeds Remi Barbier, the Company's Chairman, President and CEO, who resigned from the Company and the Board. Mr. Barbier will remain employed by the Company until September 13, 2024 in a non-executive capacity, without duties or responsibilities.
Lindsay Burns, Ph.D., SVP, Neuroscience, at Cassava is also leaving the employ of the Company. Cassava and Dr. Burns have agreed that she step down from her role with the Company, effective immediately. Following her separation from the Company and for a one-year period, Dr. Burns will furnish consulting services as, and to the extent, reasonably requested by Cassava for purposes of providing information and support for scientific research and/or obtaining governmental approval for the Company's products. Cassava may, in its sole discretion, extend the term of the consulting agreement for up to an additional year.
Mr. Barry has served as a director of Cassava since June 2021. Since June 2015, Mr. Barry has also served as Director of Sarepta Therapeutics, Inc., (NASDAQ:SRPT) and from June 2019 through October 2020, he served as a director of MiMedx Group Inc. (NASDAQ:MDXG). He has extensive experience in the investment management business. He was a founding member of Eastbourne Capital Management LLC and served as a Managing General Partner and Portfolio Manager from 1999 to its close in 2010. Prior to Eastbourne, Mr. Barry was a Portfolio Manager and Managing Director of Robertson Stephens Investment Management. He holds a Bachelor of Arts from Pennsylvania State University.
"As a public company, and one dedicated to developing a drug for Alzheimer's disease, we hold ourselves to the highest standards," Mr. Barry said. "While our priority remains the development of a potentially effective treatment for Alzheimer's disease, the Board has a steadfast commitment to doing so with transparency, accountability, and highest ethical business practices." Among the actions the company ...