As FDA assesses its antibiotic, Cempra bids longtime CEO Prabha Fernandes goodbye
Just weeks after an expert panel unenthusiastically endorsed its new antibiotic solithromycin, Cempra $CEMP has chosen to switch out CEOs. Company co-founder and CEO for the last 10 years, Prabha Fernandes is out and board member David Zaccardelli is stepping in on an interim basis.
As part of the transition, David Moore was promoted to president and chief commercial officer.
Fernandes will continue to do some work for the company as a scientific consultant, which an 8-K notes will be worth $35,000 a month. She gets $45,000 for waiving her notice period provision in her contract, plus a $280,260 bonus for the year and an annual salary of $540,000 over the next 18 months. That should put the total compensation at more than $1 million.
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