John Jacobs hops from Harmony to head up Novavax

Shares of Novavax (Nasdaq: NVAX) closed up 11.25% at $12.26 yesterday after it announced a successor for its president and chief executive Stanley Erck, who plans to retire.

At a time when the COVID-19 vaccine maker looks to catch up with larger rivals, Novavax said it has appointed John Jacobs to take up both these positions, and he will become a member of the board of directors. The transition will be effective as of January 23, 2023. Mr Erck will serve as an advisor to the company for the next fifteen months to enable a smooth transition.

"As we prepare for Stan's retirement, the board reflects on the incredible legacy he leaves behind," said Novavax chairman James Young, adding: "Stan led Novavax from a clinical development organization to a global commercial vaccines company during a worldwide pandemic. This foundation puts Novavax in a strong position to execute on its long-term strategy, and we look forward to supporting Stan and John through the transition. John is a seasoned industry leader who will bring a fresh perspective and deep industry expertise to Novavax."