The activist shareholder behind an try to exchange the CEO of Athira Pharma has suspended his marketing campaign.
Billionaire Richard (Ric) Kayne nominated himself and an affiliate to the board in March, and not too long ago proffered Ronald Krall, the chief medical officer of GlaxoSmithKline, as a substitute for present CEO Mark Litton. However Kayne pulled again in a letter to the board on Monday, days earlier than the corporate’s annual shareholder assembly on Thursday.
“It’s clear it will be a really shut vote. With out a resounding mandate from my fellow shareholders, I worry the long run with me on the Board could be very contentious and unproductive, an end result that I don’t consider could be within the pursuits of the Firm or its shareholders,” mentioned Kayne. “I’ve subsequently determined to droop my marketing campaign.”
Although he’s not campaigning for change, shareholders are nonetheless allowed to vote for Kayne’s nominees.
Kayne is a supporter of earlier CEO Leen Kawas, who resigned from the corporate final fall within the wake of an investigation into the manipulation of data-containing photos in scientific papers she had co-authored. Kawas and Kayne have since co-founded an funding agency, Propel Bio Companions, LP.