Novavax said earlier this week that its Chief Executive Officer (CEO), Stanley Erck, would retire and be succeeded by industry veteran John Jacobs, at a time when the COVID-19 vaccine maker looks to catch up with larger rivals.
Novavax shares were up about five per cent in pre-market trade.
Jacobs takes over the role effective 23rd January, 2023. He joins Novavax from Harmony Biosciences, where he served as CEO since June 2018.
Erck, who has been at the helm of the company since 2011, was responsible for bringing Novavax’s COVID vaccine, its first commercial product, to the market.
However, the shot has been plagued by manufacturing snags, regulatory delays and sluggish uptake amid a global supply glut for vaccines and waning demand.
Edits by EP News Bureau