COVID-19 vaccine maker Moderna (NASDAQ:MRNA) fell over 6% in early trading Tuesday after the company announced that Chief Commercial Officer Arpa Garay will leave the company over the next few months with CEO Stephane Bancel taking on additional responsibility.
In 2024, Mr. Bancel will take charge of sales and marketing, collaborating directly with the commercial team.
In addition, Stephen Hoge, M.D., Moderna's President, will oversee pipeline commercial strategy and Medical Affairs.
Moderna said the adjustments to its operational model aim to prioritize immediate and future business objectives.
"We made significant progress in 2023 and are excited about the year ahead as we focus on driving continued sales in 2024 and 2025," said Stephane Bancel, Chief Executive Officer of Moderna. "I am grateful for Arpa's leadership and for her help in establishing a strong commercial foundation. Our strategy is clear, our pipeline continues to be highly productive, and we will remain focused on execution."