Celularity Announces Chief Financial Officer Transition

Rhea-AI Summary

Celularity announced the immediate termination of CFO David Beers, with the termination being 'without cause' and unrelated to financial or operating results. Joseph DosSantos, current Senior Vice President Finance, has been appointed as interim CFO effective June 10, 2025, while maintaining his existing role without additional compensation. The company has retained CFO Squad, a financial advisory firm, to provide SEC reporting support and consulting services during the transition. CFO Squad will work under John R. Haines, Celularity's Senior Executive Vice President and Chief Administrative Officer, to optimize financial processes and systems.

Positive

• Company quickly appointed an experienced internal candidate (Joseph DosSantos) as interim CFO ensuring leadership continuity
• Engaged professional financial advisory firm (CFO Squad) to support during transition and improve financial processes
• Termination was not related to company's financial results or reporting practices

Negative

• Sudden departure of CFO creates temporary leadership uncertainty
• Additional costs associated with CFO's termination benefits and external advisory services
• Potential disruption in financial operations during transition period

Celularity retains financial and business advisor to provide outsourced accounting and consulting services during the transition period

FLORHAM PARK, N.J., June 10, 2025 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (“Celularity” or the “Company”), a regenerative and cellular medicine company, today announced that it terminated the employment of its Chief Financial Officer (“CFO”), David Beers, effective immediately. Mr. Beer’s termination was not related to the Company’s financial or operating results or to any disagreements or concerns regarding the Company’s financial or reporting practices. Mr. Beers was terminated “without cause” under the terms of his employment agreement dated April 1, 2022, as amended and restated, and, subject to his compliance with its terms, Mr. Beers will be entitled to the payments and benefits provided therein following a termination without cause.

Effective as of June 10, 2025, the Company appointed Joseph DosSantos, its current Senior Vice President Finance, as the Company’s interim CFO while the Company conducts a search for a new CFO. Mr. DosSantos will continue to serve as the Company’s Senior Vice President Finance during his time as interim CFO and will not receive any additional compensation in connection with his role as interim CFO.

The Company also announced that it retained the CFO Squad, a leading financial and business advisory firm providing outsourced accounting and consulting services for emerging to mid-sized companies, to provide support during this interim period, including SEC and financial reporting support services and consulting services to identify opportunities to improve and optimize the Company’s financial processes and systems. The CFO Squad will work under the direction of John R. Haines, Celularity’s Senior Executive Vice President and Chief Administrative Officer.

About Celularity

Celularity Inc. (Nasdaq: CELU) is a regenerative and cellular medicine company developing and commercializing advanced biomaterial products and allogeneic, cryopreserved, placental-derived cell therapies, all derived from the postpartum placenta. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies. For more information about Celularity and its cutting-edge regenerative medicine solutions, please visit www.celularity.com.

Contact

Carlos Ramirez
Senior Vice President, Celularity Inc.
Carlos.ramirez@celularity.com

FAQ

Why did Celularity (CELU) CFO David Beers leave the company?

David Beers was terminated 'without cause' effective June 10, 2025. The termination was not related to the company's financial or operating results, or any disagreements regarding financial reporting practices.

Who is the new interim CFO of Celularity (CELU)?

Joseph DosSantos, Celularity's Senior Vice President Finance, was appointed as interim CFO effective June 10, 2025, while maintaining his current role without additional compensation.

What measures has Celularity taken to manage the CFO transition?

Celularity appointed Joseph DosSantos as interim CFO and retained CFO Squad, a financial advisory firm, to provide SEC reporting support and consulting services to optimize financial processes during the transition.

Will David Beers receive any compensation after leaving Celularity?

Subject to compliance with his employment agreement terms, Beers will be entitled to payments and benefits provided in his April 1, 2022 employment agreement following a termination without cause.

Who will oversee the CFO Squad's work at Celularity?

CFO Squad will work under the direction of John R. Haines, Celularity's Senior Executive Vice President and Chief Administrative Officer.