Collegiate Pharmaceutical Appoints New CFO
Ticker: COLL · Form: 8-K · Filed: May 10, 2024 · CIK: 1267565
| Field | Detail |
|---|---|
| Company | Collegium Pharmaceutical, Inc (COLL) |
| Form Type | 8-K |
| Filed Date | May 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $291,666 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
New CFO incoming at Collegium Pharma, with $450k salary and stock options.
AI Summary
Collegiate Pharmaceutical, Inc. announced on May 9, 2024, the appointment of Michael Miller as Chief Financial Officer, effective May 13, 2024. Miller will receive an annual base salary of $450,000 and will be eligible for an annual cash incentive award. He will also receive a stock option grant of 150,000 shares.
Why It Matters
The appointment of a new Chief Financial Officer is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $450,000 — CFO Annual Salary (Represents the base compensation for the new Chief Financial Officer.)
- 150,000 — CFO Stock Options (Indicates the equity incentive awarded to the new Chief Financial Officer.)
Key Players & Entities
- Collegiate Pharmaceutical, Inc. (company) — The reporting company
- Michael Miller (person) — Newly appointed Chief Financial Officer
- $450,000 (dollar_amount) — Annual base salary for the new CFO
- 150,000 (dollar_amount) — Number of stock options granted to the new CFO
- May 9, 2024 (date) — Date of the report and announcement
- May 13, 2024 (date) — Effective date of the new CFO's appointment
FAQ
Who has been appointed as the new Chief Financial Officer?
Michael Miller has been appointed as the new Chief Financial Officer.
When is Michael Miller's appointment effective?
Michael Miller's appointment is effective May 13, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael Miller is $450,000.
What equity award will the new CFO receive?
Michael Miller will receive a stock option grant of 150,000 shares.
What other compensation is the new CFO eligible for?
Michael Miller will be eligible for an annual cash incentive award.
Filing Stats: 669 words · 3 min read · ~2 pages · Grade level 11.5 · Accepted 2024-05-10 08:02:23
Key Financial Figures
- $0.001 — ch registered Common stock, par value $0.001 per share COLL The NASDAQ Global Sele
- $291,666 — eive a base salary at an annual rate of $291,666 (representing one-third of Mr. Ciaffoni
Filing Documents
- tm2414016d1_8k.htm (8-K) — 23KB
- 0001104659-24-059656.txt ( ) — 193KB
- coll-20240509.xsd (EX-101.SCH) — 3KB
- coll-20240509_lab.xml (EX-101.LAB) — 33KB
- coll-20240509_pre.xml (EX-101.PRE) — 22KB
- tm2414016d1_8k_htm.xml (XML) — 4KB
02 Departure of Directors or Principal Officers; Election
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. On May 9, 2024, Collegium Pharmaceutical, Inc. (the "Company") announced that Joseph Ciaffoni will step down as the President and Chief Executive Officer of Collegium Pharmaceutical, Inc. (the "Company") effective May 24, 2024. Accordingly, Mr. Ciaffoni will not stand for re-election as a member of the Board of Directors of the Company (the "Board") at the Company's upcoming Annual Meeting of Shareholders to be held on May 16, 2024 (the "Annual Meeting"). Immediately following the Annual Meeting, the Board will be reduced in size from nine to eight members. Mr. Ciaffoni's departure will be treated as a termination without cause pursuant to the terms of Mr. Ciaffoni's existing employment agreement with the Company. On May 9, 2024, the Board approved the appointment of Michael Heffernan, the Company's Chairman of the Board, to Interim President and Chief Executive Officer, effective May 24, 2024, to serve in such capacities until such time as a new Chief Executive Officer and President commences employment or such other date determined by the Board. In these capacities, Mr. Heffernan will serve as the Company's principal executive officer. The Board has also initiated a search for a new President and Chief Executive Officer. In connection with Mr. Heffernan's service as Interim President and Chief Executive Officer, Mr. Heffernan will receive a base salary at an annual rate of $291,666 (representing one-third of Mr. Ciaffoni's current base salary). There is no arrangement or understanding between Mr. Heffernan and any other person pursuant to which he was selected as an officer of the Company, and there is no family relationship between Mr. Heffernan and any of the Company's other directors or executive officers. Mr. Heffernan's biography can be found in the Company's proxy statement filed with the Securities and Exchange Commission ("SEC") on April 5,
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 10, 2024 Collegium Pharmaceutical, Inc. By: /s/ Colleen Tupper Name: Colleen Tupper Title: Executive Vice President and Chief Financial Officer