Aurinia (NASDAQ: AUPH) installs Kevin Tang as CEO amid broad C-suite exits
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Aurinia Pharmaceuticals Inc. announced a major management transition, appointing Kevin Tang, currently Chair of the Board, as Chief Executive Officer and principal executive officer effective March 23, 2026. Tang has a long background in life sciences investing and biotech leadership and has elected to receive no salary, bonuses, equity awards or other compensation from Aurinia.
The Board also appointed Ryan Cole as Chief Operating Officer and Michael Hearne as Chief Financial Officer, principal financial officer and principal accounting officer, each with a $300,000 annual base salary, a target bonus equal to 50% of base salary, and a new hire option to purchase 150,000 Aurinia common shares. On March 20, 2026, prior officers including CEO Peter Greenleaf, COO Matthew Donley, CMO Gregory Keenan and CFO Joseph Miller ceased serving as officers, and Greenleaf resigned from the Board on March 21, 2026 but will consult for three months at $600 per hour to support the transition.
The Board created a new Lead Independent Director role and elected current independent director Craig Johnson to that position to help coordinate independent director activities and serve as liaison with the Chair and senior management.
Positive
- None.
Negative
- Concentrated leadership change: Simultaneous departures of the CEO, COO, CFO and CMO, with the CEO also leaving the Board within days, represent a significant and potentially disruptive management transition.
Insights
Aurinia executes sweeping leadership change, raising governance and continuity questions.
Aurinia Pharmaceuticals is undertaking a broad management overhaul, replacing its CEO, COO, CFO and CMO in a short window. Kevin Tang moves from Board Chair to CEO without compensation, while two senior Tang Capital executives assume COO and CFO roles with equity-linked pay.
This concentrates operational control among individuals closely tied to Tang Capital, which may align strategic direction but also reduces leadership diversity. The company added a Lead Independent Director role for Craig Johnson, providing an additional governance counterweight and formalizing independent director coordination.
The transition arrangement keeping former CEO Peter Greenleaf as a consultant for three months at $600 per hour offers near-term continuity. Future disclosures in periodic reports and updates on LUPKYNIS and aritinercept progress will help clarify how the new team executes Aurinia’s autoimmune-focused strategy.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 20, 2026
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) | ||||||||||||
(250 ) 744-2487
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
Appointment of Officers
Effective March 23, 2026, the Board of Directors of Aurinia Pharmaceuticals Inc. (“Aurinia”) appointed Kevin Tang as Aurinia’s Chief Executive Officer and as Aurinia’s principal executive officer. Mr. Tang, age 59, has served as Chair of Aurinia’s Board of Directors since 2024. He is President of Tang Capital Management, LLC, a life sciences-focused investment company he founded in 2002. From 2014 through its acquisition by Innoviva, Inc. in 2022, Mr. Tang served as Chairman of La Jolla Pharmaceutical Company. In 2013, he founded Odonate Therapeutics, Inc. and served as its Chairman and Chief Executive Officer through 2022. Mr. Tang co-founded Heron Therapeutics, Inc. in 2009 and served as Director from 2009 to 2012 and Chairman from 2012 to 2020. From 2009 through its acquisition by Endo, Inc. (now Keenova Therapeutics plc) in 2010, he served as Director of Penwest Pharmaceuticals Co. In 2006, Mr. Tang co-founded Ardea Biosciences, Inc. and served as a Director through its acquisition by AstraZeneca PLC in 2012. From 2001 to 2008, he served as a Director of Trimeris, Inc. From 1993 to 2001, Mr. Tang was a research analyst at Deutsche Banc Alex Brown, Inc., an investment banking firm, and most recently was a Managing Director and head of the firm’s Life Sciences research group. Mr. Tang received a B.S. degree from Duke University. Mr. Tang has elected to not receive any salary, bonuses, equity awards or other compensation from Aurinia.
Effective March 23, 2026, Aurinia’s Board of Directors appointed Ryan Cole as Aurinia’s Chief Operating Officer. Mr. Cole, age 39, has served in various positions at Tang Capital Management, LLC since 2014, most recently serving as Chief Operating Officer. From 2014 to 2021, Mr. Cole served in various positions at Odonate Therapeutics, Inc., most recently serving as Senior Vice President of Operations. From 2012 to 2014, he served as Senior Financial Analyst, Mergers and Acquisitions at Life Technologies Corporation (now Thermo Fisher Scientific Inc.). From 2009 to 2012, Mr. Cole served in various positions at Ernst & Young LLP, most recently serving as Senior, Assurance and Advisory Services. Mr. Cole received a B.S. degree from Santa Clara University and is a Certified Public Accountant (inactive) in the State of California. Mr. Cole’s annual base salary will be $300,000, his target bonus will be 50% of his base salary, and he will be granted a new hire option to purchase 150,000 common shares of Aurinia.
Effective March 23, 2026, Aurinia’s Board of Directors appointed Michael Hearne as Aurinia’s Chief Financial Officer and as Aurinia’s principal financial officer and principal accounting officer. Mr. Hearne, age 63, has served as Chief Financial Officer of Tang Capital Management, LLC since 2015. From 2020 through its acquisition by Innoviva, Inc. in 2022, Mr. Hearne served as Chief Financial Officer of La Jolla Pharmaceutical Company. From 2015 to 2022, he served in various positions at Odonate Therapeutics, Inc., most recently serving as Chief Financial Officer. From 2014 to 2015, Mr. Hearne served as a partner at Weaver and Tidwell, LLP. From 2000 to 2008, he served as a partner at Rothstein Kass & Company. In 1987, Mr. Hearne started his career in public accounting at Coopers & Lybrand LLP (now PricewaterhouseCoopers LLP). Mr. Hearne received a B.S. degree and a MAcc degree from Brigham Young University and is a Certified Public Accountant (inactive) in the State of California. Mr. Hearne’s annual base salary will be $300,000, his target bonus will be 50% of his base salary, and he will be granted a new hire option to purchase 150,000 common shares of Aurinia.
There is no arrangement or understanding between any of Messrs. Tang, Cole or Hearne and any other person pursuant to which they were appointed to their respective positions with Aurinia. None of Messrs. Tang, Cole or Hearne have any family relationship with any director or other executive officer of Aurinia, or any person nominated or chosen by Aurinia to become a director or executive officer, and none of them are a party to any transactions that would require disclosure under Item 404(a) of Regulation S-K.
Departure of Officers
Effective March 20, 2026, Peter Greenleaf, President, Chief Executive Officer and Director, Matthew Donley, Chief Operating Officer, Gregory Keenan, M.D., Chief Medical Officer, and Joseph Miller, Chief Financial Officer ceased to serve as officers of Aurinia, and Mr. Greenleaf resigned from the Board of Directors of Aurinia effective March 21, 2026. Mr. Greenleaf will continue as a consultant for three months to facilitate the management transition and will receive compensation for these services at an hourly rate of $600.
A copy of a press release announcing the management transition is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Appointment of Lead Independent Director
The Board of Directors approved the creation of the position of Lead Independent Director and elected Craig Johnson, a current independent member of the Board, to serve as Lead Independent Director, effective March 21, 2026. The Lead Independent Director, among other things, will coordinate the activities of the independent directors, serve as liaison between the Chair of the Board of Directors, senior management of Aurinia and the independent directors, and preside at the executive sessions of the independent directors of Aurinia.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated March 23, 2026 | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 23, 2026
| AURINIA PHARMACEUTICALS INC. | ||||||||
| By: | /s/ | |||||||
| Michael Hearne | ||||||||
| Chief Financial Officer | ||||||||
| Exhibit 99.1 | |||||
 | |||||
Aurinia Announces Management Transition
ROCKVILLE, Maryland and EDMONTON, Alberta – March 23, 2026 – Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) announced today that Kevin Tang, Aurinia’s Chair of the Board, will succeed Peter Greenleaf as Chief Executive Officer. Peter will continue as a consultant to facilitate the transition.
“Aurinia thanks Peter for his many contributions to the Company over his 7-year tenure and wishes him the best in his future endeavors,” stated Mr. Tang. “Aurinia today is in an extremely strong position in no small part due to Peter’s stewardship. LUPKYNIS is emerging as a standard therapy for lupus nephritis, and our lead pipeline product, aritinercept, is advancing quickly through clinical studies. I look forward to working closely with the Aurinia team on our quest to bring life-altering treatments to patients suffering from autoimmune diseases.”
Aurinia also has appointed Ryan Cole as Chief Operating Officer, Michael Hearne as Chief Financial Officer and Thomas Wei as Chief Scientific Officer. Stew Kroll and Stephen Robertson will continue in their roles as Chief Development Officer and General Counsel, respectively.
About Aurinia
Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis. Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) for the potential treatment of autoimmune diseases.
Investor Inquiries
ir@auriniapharma.com
1
FAQ
What management changes did Aurinia Pharmaceuticals (AUPH) announce in this 8-K?
Aurinia announced that Kevin Tang will become Chief Executive Officer, while Ryan Cole becomes Chief Operating Officer and Michael Hearne becomes Chief Financial Officer. Prior executives, including CEO Peter Greenleaf and CFO Joseph Miller, ceased serving as officers in March 2026 as part of this transition.
What are the compensation terms for Aurinia’s new COO and CFO?
Ryan Cole and Michael Hearne each receive a $300,000 annual base salary, a target bonus equal to 50% of base salary, and a new hire option to purchase 150,000 Aurinia common shares, aligning part of their compensation with the company’s equity performance.
Is Aurinia’s new CEO Kevin Tang receiving compensation from the company?
Kevin Tang has elected to receive no salary, bonuses, equity awards or other compensation from Aurinia in his role as Chief Executive Officer. His appointment follows his prior service as Chair of the Board and his extensive background in life sciences investing and biotech leadership.
What is Peter Greenleaf’s role at Aurinia after stepping down as CEO?
After ceasing to serve as President, CEO and Director and resigning from the Board, Peter Greenleaf will act as a consultant for three months. He will be paid $600 per hour to help facilitate the management transition and support continuity during leadership changes.
What new governance role did Aurinia create and who holds it?
Aurinia’s Board created the position of Lead Independent Director and elected current independent director Craig Johnson to the role. He will coordinate independent director activities, act as liaison between the Chair, senior management and independents, and preside over executive sessions of independent directors.
How are Tang Capital Management executives involved in Aurinia’s new leadership?
Kevin Tang, President of Tang Capital Management, has been appointed Aurinia’s CEO, while Ryan Cole and Michael Hearne, both long-time Tang Capital executives, have become COO and CFO. Their backgrounds tie Aurinia’s leadership closely to Tang Capital’s life sciences investment expertise.
Filing Exhibits & Attachments
4 documents
Aurinia Pharmace
NASDAQ:AUPH
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Mar 23, 2026
Aurinia Announces Management Transition