Street Calls of the Week
On Friday, Canaccord Genuity maintained a Buy rating and a $21.00 price target on shares of Cibus (NASDAQ:CBUS), despite the announcement that Chief Financial Officer Wade King will take an indefinite leave of absence for family reasons. The firm believes this development will not materially affect the stock, as the leave is temporary and unrelated to the company's operations.
Cibus disclosed that King will step down at the end of September after a three-year tenure. The company expects him to assume the role of Chief Risk Officer upon his return.
Stepping into the interim CFO role will be Carlo Broos, the Senior Vice President of Finance, who has been with Cibus since 2011. Broos has been instrumental in the evolution of Cibus's finance organization and played a significant role in the company's IPO and the integration of its acquisition target, Calyxt (NASDAQ:CLXT).
Broos's extensive background includes various positions within Cibus, such as Finance Director of the Canadian seed business, Head of Financial Planning & Analysis, and VP of Business Development. His prior experience spans across the agriculture, finance, and accounting sectors, including six years at Syngenta where he served as Regional Head of Finance Services and CFO of Benelux.
Broos's career in accounting extended over a decade, featuring a seven-year stint at Deloitte and a role as a controller for Advanta Group.
In addition to his practical experience, Broos holds a Master of Science in Business from Radboud University in the Netherlands, has completed a post-master accounting course at Tilburg University, and is a Registered Accountant. The transition anticipates leveraging Broos's wealth of experience to maintain financial leadership during King's absence.
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