It seems that after selling $24.7 million in company stock, JR Rahn is looking to step down from Mind Medicine (NEO: MMED) (NASDAQ: MNMD). The firm this morning announced that Rahn will be stepping down from his role as both CEO and director of the company in which in co-founded. The best part, is he will be paid to do so.
As part of the agreement for Rahn to step down from his role, the company has notably agreed to issue him 1.5 million subordinate voting shares. Effectively, Rahn will see a pay day equivalent to $6.68 million just for leaving his role as an executive of the company.
Taking Rahn’s place as CEO of the company will be that of Robert Barrow, the firms chief development officer, effective immediately. The company has also commence a “comprehensive search for a chief executive officer,” for which Barrow is to be a candidate, with Rahn advising the firm on its transition.
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The transition reportedly will “enable the company to pursue aggressively its clinical development programs and development of its companion innovative digital technologies.” Commenting on his transition, Rahn stated, “Our work to date and ability to raise capital has taken us leaps and bounds closer to that vision. This chief executive officer transition is a natural progression for MindMed as the Company heads into later stage clinical trials.”
Mind Medicine last traded at $4.45 on the Neo.
Information for this briefing was found via Sedar and MindMed. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
