Advanced Cell Technology Names Permanent CEO
Advanced Cell Technology, the Marlborough-based development-stage life sciences company, has put interim CEO Gary Rabin in the job permanently.
As part of Rabin's two-year contract, he will be paid a $500,000 annual base salary, along with a $41,000 retention bonus. He has performance bonuses built into the contract and has received 10 million shares of company stock.
The company's former CEO, William Caldwell, unexpectedly died in December. Rabin has been interim CEO since and has been on the company's board since 2007.
The company also agreed to a two-year contract with its chief scientific officer, Robert Lonza. He will receive a $440,000 annual base salary.
The company reported the news in a government filing this week.
In addition, the company announced a settlement of a dispute with an investment firm, Midsummer Small Cap Master and Midsummer Investment. The firm held warrants to purchase 20 million Advanced Cell shares, but because of errors in the issuance of the warrants, the company has agreed to provide 36 million shares to Midsummer.
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