ALBIREO PHARMA, INC. (NASDAQ:ALBO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Base Salary Increases and Promotion
On January 23, 2017, the Board of Directors (the “Board”) of Albireo Pharma, Inc. (the “Company”), acting upon the recommendation of the Compensation Committee of the Board (the “Compensation Committee”), approved an increase in the annual base salary of: Ronald H.W. Cooper, President and Chief Executive Officer, from $400,000 to $460,000; Jan P. Mattsson, Ph.D., Chief Operating Officer, from 1,870,428 SEK to 2,000,000 SEK (approximately $219,000 based on the SEK:USD exchange rate on January 1, 2017); and Peter A. Zorn, Senior Vice President, Corporate Development, General Counsel and Secretary, from $270,000 to $320,000. Each of these base salary increases is effective as of January 1, 2017.
Also on January 23, 2017, the Board promoted Mr. Zorn from Senior Vice President, Corporate Development to Chief Corporate Officer. Mr. Zorn retains the positions of General Counsel and Secretary.
Annual Cash Incentive Bonus Awards for 2016
On January 23, 2017, the Board, acting upon the recommendation of the Compensation Committee, approved the payment of annual cash incentive bonus awards for 2016 to the Company’s executive officers based on an achievement level of 96%. The achievement level was determined principally based on the successful completion of the Company’s share exchange transaction in November 2016 and the progression of the Company’s lead product candidate, A4250. As a result, the Company’s Chief Executive Officer, Chief Financial Officer and named executive officers will receive the following annual cash incentive bonus awards for 2016: Mr. Cooper will receive an annual cash incentive bonus of $192,000, Dr. Mattsson will receive an annual cash incentive bonus of 628,464 SEK (approximately $68,815 based on the SEK:USD exchange rate on January 1, 2017), Thomas A. Shea, Chief Financial Officer, will receive an annual cash incentive bonus of $49,280, and Mr. Zorn will receive an annual cash incentive bonus of $90,720.
ALBIREO PHARMA, INC. (NASDAQ:ALBO) Recent Trading Information
ALBIREO PHARMA, INC. (NASDAQ:ALBO) closed its last trading session down -0.24 at 19.48 with 15,625 shares trading hands.
