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Alpha Cognition Inc. (market cap: $67 million), a biotechnology company specializing in biological products, disclosed changes to its board of directors in a recent SEC filing dated April 7, 2025. The company's stock, which has declined nearly 70% over the past year according to InvestingPro data, currently trades at $4.17 per share. John Havens, a current board member, has decided not to seek re-election at the company's upcoming annual stockholders' meeting. According to the filing, Havens' departure is not due to any disagreements with company operations, policies, or practices.
Simultaneously, the company has appointed Robert Wills, Ph.D., to the board and its Governance and Nominating Committee, effective the same date. Dr. Wills is recognized for his extensive background in the pharmaceutical and biotechnology industries, including a notable tenure at Johnson & Johnson and leadership roles at various other organizations.
As part of his compensation, Dr. Wills will receive an annual base salary of $40,000 and an additional $5,000 for his committee service, adhering to the company's non-employee director compensation policy. Furthermore, he was granted 35,575 stock options with an exercise price of $4.83 per share, which will vest over a period of 24 months.
Alpha Cognition's recent filing also indicates that there are no other arrangements or family relationships between Dr. Wills and other company executives or directors. Additionally, Dr. Wills does not have any material interests in transactions with the company that would require disclosure under SEC regulations.
The information in this article is based on a press release statement from Alpha Cognition Inc. and reflects the company's current board composition and compensation arrangements as reported to the SEC. InvestingPro analysis indicates the company maintains a Fair financial health rating, with strong liquidity positions and minimal debt exposure. Discover more insights and 12 additional ProTips about Alpha Cognition's financial outlook with an InvestingPro subscription.
In other recent news, Alpha Cognition Inc. announced notable revisions to its executive and director compensation packages, effective February 18, 2025. The changes, recommended by the Compensation Committee and approved by the Board of Directors, align with an analysis conducted by an independent compensation consultant. CEO Michael McFadden's new compensation package totals $3,500,000, including a base salary of $625,000, a bonus target of $375,000, and stock options valued at $2,500,000. COO Lauren D’Angelo will receive a total compensation of $2,300,000, comprising a $500,000 base salary, a $300,000 bonus target, and $1,500,000 in stock options. The Compensation Committee, with assistance from Global Governance Advisors, benchmarked these packages against a peer group, finding that the previous salaries were below the 25th percentile. The adjustments aim to position the compensation at the 50th percentile, with potential increases for exceptional performance. Additionally, the Board Chair, Committee Chairs, and Board Members received updated compensation packages, combining cash and stock options. For example, Len Mertz, Chair of the Board and Audit Committee, will receive a total of $280,000, including stock options and additional compensation for committee leadership.
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