Kent Kresa to Retire from MannKind’s Board of Directors; Steven B. Binder to be Appointed to the Board
Rhea-AI Summary
MannKind (Nasdaq: MNKD) has announced significant changes to its Board of Directors. Kent Kresa, who has served on the board since June 2004 and was Chairman from 2016 to 2020, will retire effective September 30, 2024. He will continue as Chairman Emeritus. Steven B. Binder, the company's former Chief Financial Officer, will join the board on the same date.
Binder, who served as CFO from July 2017 to April 2024, is currently Executive Vice President of Special Projects. He will step down from this role when he joins the board. James S. Shannon, current Chairman, praised Kresa's two decades of leadership and expressed enthusiasm for Binder's appointment, citing his financial stewardship and role in diversifying MannKind's revenue streams. The board will maintain nine members following these changes.
Positive
- Appointment of former CFO Steven B. Binder to the Board, bringing financial expertise
- Maintaining board size at nine members, ensuring continuity in governance
- Retention of Kent Kresa's experience through Chairman Emeritus role
Negative
- Loss of long-standing board member Kent Kresa's active involvement
- Transition period as new board member adapts to role
News Market Reaction – MNKD
On the day this news was published, MNKD gained 2.37%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD), a company focused on the development and commercialization of innovative inhaled therapeutic products and devices for patients with endocrine and orphan lung diseases, announced today that Kent Kresa has decided to retire from MannKind’s Board of Directors effective September 30, 2024. In addition, the Board of Directors has appointed Steven B. Binder to the Board, also effective September 30, 2024.
Kresa, who has served on MannKind’s Board of Directors since June 2004, was Chairman from 2016 until December 2020. Upon his retirement from the MannKind Board, Mr. Kresa will continue to be associated with the company in the capacity of Chairman Emeritus.
Binder previously served as MannKind’s Chief Financial Officer from July 2017 until April 2024 and currently serves as Executive Vice President, Special Projects. Mr. Binder will remain in that role until he joins the Board of Directors on September 30, 2024, after which he will no longer be an employee of the Company.
“We are sincerely grateful for two decades of invaluable leadership that Kent has provided the Board of Directors,” said James S. Shannon, Chairman of the Board. “We are looking forward to Steve joining the Board as he was instrumental in providing financial stewardship to MannKind during his tenure and helped bring MannKind into its current era with multiple revenue streams and healthy pipeline progression.”
With the addition of Binder, there will remain nine total members of the MannKind Board of Directors.
About MannKind
MannKind Corporation (Nasdaq: MNKD) focuses on the development and commercialization of innovative inhaled therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases.
We are committed to using our formulation capabilities and device engineering prowess to lessen the burden of diseases such as diabetes, nontuberculous mycobacterial (NTM) lung disease, pulmonary fibrosis, and pulmonary hypertension. Our signature technologies – dry-powder formulations and inhalation devices – offer rapid and convenient delivery of medicines to the deep lung where they can exert an effect locally or enter the systemic circulation, depending on the target indication.
With a passionate team of Mannitarians collaborating nationwide, we are on a mission to give people control of their health and the freedom to live life.
Please visit mannkindcorp.com to learn more, and follow us on LinkedIn, Facebook, X or Instagram.
MANNKIND is a registered trademark of MannKind Corporation.
FAQ
When will Kent Kresa retire from MannKind's (MNKD) Board of Directors?
Who will replace Kent Kresa on MannKind's (MNKD) Board of Directors?
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