Celularity Inc. terminated CFO David Beers, appointing Joseph DosSantos as interim CFO while seeking a replacement.
Quiver AI Summary
Celularity Inc. announced the immediate termination of Chief Financial Officer David Beers, stating that the decision was not related to the company's financial performance or any disagreements regarding reporting practices. Beers was let go "without cause," and he will receive the relevant payments and benefits as per his employment agreement. To fill the vacancy, Joseph DosSantos, the current Senior Vice President of Finance, has been appointed as interim CFO while the company searches for a permanent replacement. Celularity has also engaged the CFO Squad, an advisory firm, to assist with financial reporting and to enhance its financial processes during this transition. The company specializes in developing regenerative and cellular medicine products derived from placental tissue.
Potential Positives
- The appointment of Joseph DosSantos as interim CFO indicates continuity in leadership, which may help maintain operational stability during the transition period.
- Retention of the CFO Squad suggests a proactive approach to financial management and optimization, potentially enhancing the company's financial processes and reporting.
- The company reassured stakeholders that the CFO's termination was not related to financial performance or practices, which may help maintain trust and confidence among investors and other stakeholders.
Potential Negatives
- Termination of the CFO may create instability and raise concerns among investors about the company's leadership and financial governance.
- The appointment of an interim CFO could lead to uncertainty regarding the company's financial strategy and reporting, potentially impacting investor confidence.
- Procuring the services of an external advisory firm, CFO Squad, may indicate internal weaknesses in financial processes that could reflect poorly on the company's current operational management.
FAQ
Why was Celularity's CFO David Beers terminated?
David Beers was terminated without cause, unrelated to the Company's financial results or reporting practices.
Who is the interim CFO of Celularity?
Joseph DosSantos, the current Senior Vice President Finance, has been appointed as the interim CFO.
What role will CFO Squad play during this transition?
CFO Squad will assist with SEC and financial reporting support, optimizing Celularity's financial processes.
Will Joseph DosSantos receive additional compensation as interim CFO?
Joseph DosSantos will not receive any additional compensation while serving as interim CFO.
What does Celularity specialize in?
Celularity specializes in regenerative medicine, developing placental-derived cell therapies and advanced biomaterial products.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CELU Hedge Fund Activity
We have seen 12 institutional investors add shares of $CELU stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NATIONAL BANK OF CANADA /FI/ added 48,000 shares (+inf%) to their portfolio in Q1 2025, for an estimated $83,040
- CITADEL ADVISORS LLC added 46,946 shares (+inf%) to their portfolio in Q1 2025, for an estimated $81,216
- ROYAL BANK OF CANADA added 38,000 shares (+168.9%) to their portfolio in Q1 2025, for an estimated $65,740
- CRESSET ASSET MANAGEMENT, LLC removed 35,000 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $72,800
- GROUP ONE TRADING LLC added 26,243 shares (+inf%) to their portfolio in Q1 2025, for an estimated $45,400
- CENTERSTAR ASSET MANAGEMENT, LLC removed 22,000 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $38,060
- ACADIAN ASSET MANAGEMENT LLC added 20,158 shares (+inf%) to their portfolio in Q1 2025, for an estimated $34,873
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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.
[email protected]
