Summit Therapeutics Inc. (NASDAQ:SMMT) announced on Monday that Ankur Dhingra has resigned from his role as the company's Chief Financial Officer. According to the biopharmaceutical company, Dhingra's departure is not due to any disagreements with Summit's operational, policy, or practice matters.
Concurrent with Dhingra's resignation, Summit Therapeutics has appointed Manmeet Soni, the current Chief Operating Officer, to take over the Chief Financial Officer responsibilities. Soni will now hold dual roles within the company, continuing his duties as COO while serving as the principal financial officer.
As part of his new position, Soni will receive additional compensation. This includes a one-time cash bonus of $100,000 and stock options. Specifically, Soni has been granted 1,100,000 options to purchase shares of Summit Therapeutics' common stock. These options are set to vest over a four-year period, with equal annual installments.
The company has not provided further details regarding the transition or its plans to fill the Chief Operating Officer role, if at all, given Soni's dual capacity. This change in the company's executive team comes amid a period where financial leadership is critical for companies in the biotech sector.
Summit Therapeutics, based on the information provided in the press release, is moving forward with its leadership restructuring without indicating any underlying issues prompting the CFO's resignation. The information regarding these executive changes is based on a recent SEC filing by the company.
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