Pfizer and Moderna both separately named new CFOs on Monday.
“It is not a coincidence in my mind,” Josh Crist, co-managing partner at executive search firm Crist|Kolder Associates, wrote. “Both Frank [D’Amelio at Pfizer] and David [Meline at Moderna] are of retirement age … so with a bit of a ‘light at the end of the tunnel’ and both companies stabilizing within their new normal, now is the time to make the move.”
Cfodive.com reports: Broadly across industries, turnover in CFO, CEO, and COO seats has risen steadily over the last two years in the wake of pandemic-related and supply chain pressures, Crist said. “I believe we’ll start now to see an even greater leap into early retirement as those C-level executives who have either wanted to or [have] been asked to get their company through the pandemic, and have done so, will start to exit. They will carry battle scars with them to an early retirement.”
Looking ahead, the CFOs at both Pfizer and Moderna will be tasked with managing the revenue windfall each company is earning from their COVID-19 vaccines and will have to determine how to allocate those dollars to research and strategic activities, such as dealmaking, according to BioPharma Dive.
Denton will report to Pfizer’s CEO Albert Bourla, who cited Denton’s “deep financial experience, a track record of achievement and true insights into today’s healthcare system. For these reasons, he is the perfect leader to take the helm of our talented finance organization and deliver a comprehensive strategic financial vision that will help drive Pfizer’s future growth and success,” according to a press release.
Before joining Lowe’s in 2018, Denton as CFO of CVS Health played a key role in transforming the company from a retail pharmacy to a health solutions company as well as in CVS’s acquisition of Aetna.
At Moderna Gomez will report to CEO Stéphane Bancel, who said in a statement that Gomez’ experience at multinational healthcare companies will be an asset as the company grows and he cited Gomez’ “passion for sustainability and ESG” as aligning with Moderna’s vision.
Gomez will be succeeding Meline, who will retire on July 8 but provide consulting services for Moderna for two more years, until July 8 2024.