What happened
Frequently high-flying coronavirus stock Moderna (MRNA +1.62%) plunged groundward Wednesday, although this had basically nothing to do with the ongoing pandemic or any operational issues at the company. Rather, it was due to some disquieting personnel news, following which investors traded the stock down by nearly 7% on the day.
So what
That morning, Moderna revealed that its new CFO is now its ex-CFO. Jorge Gomez, who only started his tenure on Monday, has "departed" from his new employer. The move is effective immediately, and it comes a day after his previous company Dentsply Sirona (XRAY +2.24%) publicly disclosed "an ongoing internal investigation into certain matters, including financial reporting."
It is not clear whether Gomez is, or will be, a focus of that investigation.
Image source: Getty Images.
Gomez, whose appointment was announced by Moderna exactly one month ago, was replaced by his predecessor David Meline on an interim basis, effective Wednesday. The seemingly departing CFO, who was entering retirement, was to serve as a consultant during a transitional period as his replacement settled into the job.
This is an embarrassing development for Moderna, particularly since Gomez's credentials seemed solid. In addition to his stint as CFO at Dentsply Sirona, a dental products maker, he worked at healthcare services mainstay Cardinal Health, most recently as its CFO. He also currently serves on the board of directors of Xylem and Pear Therapeutics.
NASDAQ: MRNA
Key Data Points
Now what
Moderna said little else in its tersely worded press release on the matter besides the raw facts of Gomez's departure, the reason for it, and the reinstallment of Meline. Since Gomez's tenure at Moderna was extremely short, I don't think there will be too much lasting blowback on the company no matter how the Dentsply Sirona investigation goes. Still, investors would be wise to monitor developments in that situation.
