Aurinia Announces Board Restructuring
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) has restructured its Board of Directors to align with shareholder interests. Key changes include:
1. Peter Greenleaf, President and CEO, remains a Director despite receiving less than majority support at the 2024 Annual General Meeting.
2. Kevin Tang, President of Tang Capital Management, , appointed as a new Director.
3. The Board accepted conditional resignations of three directors who received less than majority support: Daniel G. Billen, R. Hector MacKay-Dunn, and Brinda Balakrishnan.
4. The restructured Board now consists of seven members, focusing on commercial execution, free cash flow generation, and pipeline advancement.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) ha ristrutturato il suo Consiglio di Amministrazione per allinearsi con gli interessi degli azionisti. I cambiamenti principali includono:
1. Peter Greenleaf, Presidente e CEO, rimane un Direttore nonostante abbia ricevuto meno del supporto della maggioranza all'Assemblea Annuale del 2024.
2. Kevin Tang, Presidente di Tang Capital Management, è stato nominato nuovo Direttore.
3. Il Consiglio ha accettato le dimissioni condizionate di tre direttori che hanno ricevuto meno del supporto della maggioranza: Daniel G. Billen, R. Hector MacKay-Dunn e Brinda Balakrishnan.
4. Il Consiglio ristrutturato ora è composto da sette membri, concentrandosi sull'esecuzione commerciale, sulla generazione di flussi di cassa liberi e sul progresso del pipeline.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) ha reestructurado su Junta Directiva para alinearse con los intereses de los accionistas. Los cambios clave incluyen:
1. Peter Greenleaf, Presidente y CEO, sigue siendo Director a pesar de haber recibido menos del apoyo mayoritario en la Junta General Anual de 2024.
2. Kevin Tang, Presidente de Tang Capital Management, ha sido nombrado nuevo Director.
3. La Junta aceptó las renuncias condicionadas de tres directores que recibieron menos del apoyo mayoritario: Daniel G. Billen, R. Hector MacKay-Dunn y Brinda Balakrishnan.
4. La Junta reestructurada ahora consta de siete miembros, centrados en la ejecución comercial, la generación de flujo de caja libre y el avance del pipeline.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH)는 이사회 구조를 재편성했습니다 주주 이익에 맞추기 위해. 주요 변화는 다음과 같습니다:
1. 피터 그린리프 대표이사 및 CEO는 2024년 정기총회에서 과반수 지지를 받지 못했음에도 불구하고 이사직을 유지합니다.
2. 케빈 탕 Tang Capital Management의 사장이 새로운 이사로 임명되었습니다.
3. 이사회는 과반수 지지를 받지 못한 세 명의 이사의 조건부 사임을 수락했습니다: 다니엘 G. 빌렌, R. 헥터 맥케이-던, 브린다 발라크리시난.
4. 재편된 이사회는 상업적 실행, 자유 현금 흐름 생성 및 파이프라인 발전에 중점을 둔 7명의 구성원으로 이루어져 있습니다.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) a restructuré son Conseil d'Administration pour mieux répondre aux intérêts des actionnaires. Les changements clés incluent :
1. Peter Greenleaf, Président et CEO, reste Directeur malgré un soutien inférieur à la majorité lors de l'Assemblée Générale Annuelle de 2024.
2. Kevin Tang, Président de Tang Capital Management, a été nommé nouveau Directeur.
3. Le Conseil a accepté les démissions conditionnelles de trois directeurs ayant reçu un soutien inférieur à la majorité : Daniel G. Billen, R. Hector MacKay-Dunn et Brinda Balakrishnan.
4. Le Conseil restructuré est maintenant composé de sept membres, se concentrant sur l'exécution commerciale, la génération de flux de trésorerie libre et l'avancement du pipeline.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) hat seinen Vorstand umstrukturiert, um sich an den Interessen der Aktionäre auszurichten. Wichtige Änderungen beinhalten:
1. Peter Greenleaf, Präsident und CEO, bleibt trotz weniger als der Mehrheit Unterstützung bei der Hauptversammlung 2024 im Vorstand.
2. Kevin Tang, Präsident von Tang Capital Management, wurde als neuer Direktor berufen.
3. Der Vorstand hat die bedingten Rücktritte von drei Direktoren akzeptiert, die weniger als die Mehrheit Unterstützung erhielten: Daniel G. Billen, R. Hector MacKay-Dunn und Brinda Balakrishnan.
4. Der umstrukturierte Vorstand besteht jetzt aus sieben Mitgliedern, die sich auf kommerzielle Umsetzung, Generierung von freiem Cashflow und Fortschritt der Pipeline konzentrieren.
- Restructuring of the Board to align with shareholder interests
- Appointment of Kevin Tang, an experienced life sciences investor, as a new Director
- Retention of CEO Peter Greenleaf on the Board for continuity in leadership
- Reduction in Board size from nine to seven members, potentially improving efficiency
- Three directors received less than majority support at the Annual General Meeting
- Potential shareholder dissatisfaction indicated by voting results for certain directors
Insights
The restructuring of Aurinia's Board of Directors represents a significant shift in corporate governance, likely aimed at appeasing dissatisfied shareholders. The retention of CEO Peter Greenleaf as a director, despite receiving less than majority support, indicates the Board's confidence in his leadership during a critical period for the company. The appointment of Kevin Tang, an experienced life sciences investor, brings valuable industry expertise to the Board.
However, the acceptance of three directors' resignations following their lack of majority support at the AGM signals a responsiveness to shareholder concerns. This move could potentially improve investor relations and align the company more closely with shareholder interests. The reduced board size from nine to seven members may lead to more efficient decision-making, but it's important to monitor whether this smaller board can provide adequate oversight and diverse perspectives.
This board restructuring is a strategic move to address shareholder dissatisfaction while maintaining continuity in key leadership positions. The retention of CEO Peter Greenleaf on the board, despite lacking majority support, suggests a delicate balance between shareholder wishes and operational stability. The addition of Kevin Tang, with his extensive experience in life sciences investments, could bring fresh perspectives on capital allocation and strategic direction.
Investors should view this as a positive step towards improved governance, but remain cautious. The true test will be whether this new board composition leads to enhanced shareholder value creation. Key metrics to watch include the company's commercial execution, cash flow generation and pipeline advancements. This restructuring may also signal potential changes in strategy or focus areas, which could impact the company's future performance and market position.
- Peter Greenleaf, President and Chief Executive Officer of Aurinia, remains a Director
- Kevin Tang, President of Tang Capital Management, LLC, appointed as a Director
- The Board has accepted the conditional resignations of three directors who received less than majority support at the 2024 Annual General Meeting
Peter Greenleaf, President and Chief Executive Officer of Aurinia, remains a Director. Mr. Greenleaf had conditionally resigned as a Director because he received less than majority support at the 2024 Annual General Meeting (the Meeting). The Board carefully considered all relevant factors and determined that there are exceptional circumstances that warrant the rejection of Mr. Greenleaf’s conditional resignation. The Board believes that maintaining Mr. Greenleaf’s Director position is in the best interests of the Company and allows for the Company’s continued focus on commercial execution, free cash flow generation, and advancement of its pipeline.
The Board has appointed Kevin Tang, President of Tang Capital Management, LLC, a life sciences-focused investment company that he founded in 2002, as a Director. Mr. Tang has more than 20 years of experience investing in, governing and leading companies in the biopharmaceutical industry. His biography can be found here.
The Board has accepted the conditional resignations of Daniel G. Billen, Ph.D., R. Hector MacKay-
The restructured Board consists of seven members: Jeffrey A. Bailey; Robert T. Foster, Pharm.D., Ph.D., DSc; Peter Greenleaf; David R.W. Jayne, M.D., FRCP, FRCPE, FMedSci; Jill Leversage; Karen Smith, M.D., Ph.D., MBA, LLM; and Kevin Tang.
About Aurinia
Aurinia Pharmaceuticals is a fully integrated biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy dedicated to the treatment of adult patients with active lupus nephritis. Aurinia is also developing AUR200, a differentiated, potential best-in-class therapy for autoimmune diseases that targets both BAFF (B-cell Activating Factor) and APRIL (A Proliferation-Inducing Ligand).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240912372456/en/
Media & Investor Inquiries:
Andrea Christopher
Corporate Communications & Investor Relations
Aurinia Pharmaceuticals Inc.
achristopher@auriniapharma.com
General Investor Inquiries:
ir@auriniapharma.com
Source: Aurinia Pharmaceuticals Inc.
FAQ
What changes did Aurinia Pharmaceuticals (AUPH) make to its Board of Directors?
Why did Aurinia (AUPH) retain Peter Greenleaf on the Board despite low shareholder support?
Who is the newly appointed Director to Aurinia's (AUPH) Board?
How many members are on Aurinia's (AUPH) restructured Board of Directors?
