Three Anavex board members resign amid disagreements over direction and strategy
Key Facts
Anavex Life Sciences disclosed on November 2 that board chair Jiyeong Ma and directors Gautam Patel and Adrian Sendrowicz had resigned, effective October 28, 2026. In a filing with the U.S. Securities and Exchange Commission, the company said Ma believed her views on the company's strategic direction were "not fully aligned" with those of the board and management. It added that Patel and Sendrowicz believed their personal views on how to execute the business plan were not sufficiently aligned with the company's views. Ma was board chair and a member of the audit committee, as was Patel. Sendrowicz was not a member of any board committee. The departures put disagreements over strategic direction and execution of the business plan at the center of the official disclosure on leadership changes.
The company said it had given the three directors an opportunity to respond to its account of the reasons for their resignations. It said it would file any letter of disagreement it received from them in an amendment to the disclosure within two business days of receipt. The disclosure links Ma's position on strategic direction with Patel's and Sendrowicz's views on how to execute the business plan, describing each as a personal view. The available information in the disclosure did not provide further details on the points of disagreement or identify any specific change to the business plan. The deadline for filing any response is part of the procedures the company set out for addressing potential objections to its wording. The company's account of the resignations therefore remains tied to what it disclosed, while leaving former directors the opportunity to respond.
On November 1, the board approved the reconstitution of its three standing committees. It named Klaus van der Velden chair of the audit committee, Peter Donhauser chair of the compensation committee, and Axel Baiger chair of the nominating and governance committee. This followed the departures of Ma and Patel, both of whom had served on the audit committee, while Sendrowicz had not served on any committee. The disclosure said other board members joined the reconstituted committees alongside their new chairs. The new arrangement identifies those responsible for the three committees following the October 28 resignations, ahead of the company's announcement of a new executive appointment.
Leadership changes at the company predated the board members' resignations. On April 30, 2026, a special committee made up of independent directors terminated Christopher Missling as CEO, and the company said the termination was for cause relating, among other things, to conduct it considered contrary to its policies. The board then appointed Terry Kilmartin interim CEO on May 4. Kilmartin remained in the interim role until the board decided to appoint her CEO and president, a decision the company disclosed on November 3. The appointment marks a transition from interim management that began in May to permanent executive leadership, following changes to the board and its committees.
Anavex announced on November 3 that it had appointed Kilmartin CEO and president and a member of the board, following a decision made by the board on November 1. Director Peter Donhauser said the decision reflected the board's support for her strategy and plans to build the management team. The disclosure included Kilmartin's appointment to the board and a reduction in its size from 6 members to 5. The company also said it had begun a search for an additional independent director to fill the fifth seat. The announcement brings the executive appointment and board reshuffle together: new permanent leadership, a smaller board and an effort to add another independent director.