Omega Therapeutics, Inc. (NASDAQ: OMGA) disclosed a forthcoming change in its executive team with the planned departure of its Chief Financial Officer (CFO), Joshua Reed. The biotechnology firm, specializing in genomic medicines, announced on Tuesday that Reed's (OTC:REED) employment will conclude on May 31, 2024, following a mutual agreement.
As part of the transition, Reed is set to receive severance benefits in line with his employment agreement, provided he enters into a separation agreement that includes a release of claims. Additionally, he will retain the right to exercise his stock options until the first anniversary of his departure.
Concurrently, the company's board has appointed Barbara Chan as the new principal financial officer and principal accounting officer, effective on the same date as Reed's termination. Chan, who is currently serving as Senior Vice President of Finance, will also take on the role of Treasurer from the Effective Date.
Chan brings a wealth of experience to her new role, having been with Omega Therapeutics since May 2020. Her prior experience includes a stint as Vice President of Finance and Chief Accounting Officer at Aegerion Pharmaceuticals from June 2016 to December 2019.
She is a seasoned financial executive with a strong background in the pharmaceutical industry, holding both a B.S. and an M.S. in Accounting and Taxation from Bentley University.
The announcement comes as Omega Therapeutics continues to advance its pipeline of genomic medicines with the aim of harnessing gene regulation to treat a wide range of diseases. The executive shuffle is part of the company's ongoing efforts to strengthen its leadership as it moves forward with its strategic initiatives.
Investors and stakeholders have been informed of the changes through the company's recent SEC filing, which serves as the basis for this report. The filing provides a detailed account of the terms surrounding Reed's departure and Chan's appointment, ensuring transparency in the company's executive transitions.
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