Benitec Biopharma (NASDAQ:BNTC) Appoints New Chief Operating Officer and Makes Changes to Executive Officers’ Roles and Compensation

Benitec Biopharma Inc. recently disclosed changes to its corporate leadership team and executive compensation structure through a Form 8-K filing with the Securities and Exchange Commission.

Effective January 1, 2025, the Board of Directors appointed Sophie Mukadam as the Chief Operating Officer. Ms. Mukadam, previously an Associate Director in Program Management for the company, will be receiving a base salary of $500,000 along with a target annual bonus set at 40% of her base salary. Additionally, Megan Boston, the current Executive Director, will assume the role of Secretary and Chief Financial Officer starting January 1, 2025. Ms. Boston will continue as the principal financial and accounting officer for the company.

In a move to align executive compensation with performance, the Compensation Committee recommended and approved the granting of nonqualified stock options to Dr. Jerel Banks, the Chairman and CEO, and Ms. Boston. Dr. Banks has received options to purchase 2,310,000 shares, while Ms. Boston has been granted options for 720,000 shares. These options, granted under the company’s 2020 Equity and Incentive Compensation Plan, were priced at $12.18 per share, based on the closing price on the grant date of December 9, 2024. The vesting schedule for these options spans sixteen quarterly installments with the first vesting date anticipated on March 31, 2025, subject to the executives’ continued service with the company.

Moreover, on December 9, 2024, the Compensation Committee approved increases in the base salaries of Dr. Banks and Ms. Boston to $667,000 and $415,000, respectively. Effective January 1, 2025, both executives will see adjustments to their base salaries. The target annual discretionary bonus percentage for the 2025 fiscal year has also been revised, set at 55% of Dr. Banks’ base salary and 40% of Ms. Boston’s base salary.

These appointments, changes in roles, and adjustments in compensation demonstrate Benitec Biopharma’s ongoing efforts to optimize its leadership structure and align executive compensation with the company’s strategic objectives and performance metrics.

The leadership changes come as part of the company’s evolving strategy to drive growth and enhance operational efficiency in the biopharmaceutical sector, positioning itself for continued success in the industry.

Investors and stakeholders will be keen on observing how these strategic changes impact the company’s performance and operational trajectory in the coming quarters.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Benitec Biopharma’s 8K filing here.

About Benitec Biopharma

Benitec Biopharma Inc, a clinical-stage biotechnology company, focuses on the development of novel genetic medicines. The company develops DNA-directed RNA interference-based therapeutics for chronic and life-threatening human conditions. It is developing BB-301, an adeno-associated virus based gene therapy agent for treating oculopharyngeal muscular dystrophy.