Novavax’s longtime CEO Stanley Erck to retire

(Reuters) – Novavax Inc said on Monday its longtime chief executive officer, Stanley Erck, would retire and be succeeded by industry veteran John Jacobs, at a time when the COVID-19 vaccine maker looks to catch up with larger rivals.

Novavax shares were up about 5% in premarket trade.

Jacobs takes over the role effective Jan. 23. He joins Novavax from Harmony Biosciences, where he served as CEO since June 2018.

Erck, who has been at the helm of the company since 2011, was responsible for bringing Novavax’s COVID vaccine, its first commercial product, to the market.

However, the shot has been plagued by manufacturing snags, regulatory delays and sluggish uptake amid a global supply glut for vaccines and waning demand.

(Reporting by Raghav Mahobe in Bengaluru; Editing by Saumyadeb Chakrabarty and Shailesh Kuber)