Longeveron Inc. appointed Stephen H. Willard as permanent Chief Executive Officer, effective February 11, 2026, succeeding Interim CEO Than Powell who resigned but remains with the company. Concurrently, the Company implemented a temporary 50% reduction in compensation for the CEO and Executive Chairman and entered into an employment agreement with Mr. Willard.
Key takeaways
Stephen H. Willard appointed as permanent CEO effective February 11, 2026; Than Powell resigned as Interim CEO on February 9, 2026.
Mr. Willard's employment agreement stipulates an annual base salary of $500,000, subject to a temporary 50% deferral reducing it to $250,000 during the Deferral Period.
Mr. Willard received initial equity awards comprising 200,000 shares of Class A common stock, 200,000 restricted stock units (RSUs), and a stock option for 200,000 shares.
The Company implemented a temporary 50% compensation reduction for the CEO and Executive Chairman/CSO effective on or about February 16, 2026, to support financial needs.
Cost-saving measures also include employee furloughs, reduction in Board of Directors fees, and travel limitations.
Executives undergoing compensation reductions are intended to be granted 50,000 restricted stock units each, vesting on or around June 1, 2026.