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Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 10, 2020, the Board of Directors (the “Board”) of Pacific Biosciences of California, Inc. (the “Company”) announced that Dr. Michael Hunkapiller will retire from his role as Chief Executive Officer and President by the end of the year. Dr. Hunkapiller will continue to serve as a member of the Company’s Board until the end of his term in 2021.
On the same day, the Company also announced that Susan K. Barnes will retire from her role as Executive Vice President and Chief Financial Officer in August 2020. She will continue to serve in her role until that time.
The Board of Directors is conducting searches for the Company’s next Chief Executive Officer and Chief Financial Officer.
Item 8.01Other Events.
A copy of the press release dated June 10, 2020 announcing the foregoing leadership changes is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 8.01 of this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Act of 1933, or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01Financial Statements and Exhibits.
Exhibit No. Description
Cover Page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 10, 2020
Pacific Biosciences of California, Inc.
Brett Atkins, J.D., Ph.D.
General Counsel and Corporate Secretary
Pacific Biosciences Announces Planned Retirement of CEO, Dr. Michael Hunkapiller
Dr. Hunkapiller to retire by the end of 2020
Susan K. Barnes, CFO to retire in August 2020
MENLO PARK, California, June 10, 2020 (GLOBE NEWSWIRE) – Pacific Biosciences of California, Inc. (NASDAQ: PACB), a leading provider of high-quality sequencing of genomes, transcriptomes and epigenomes, today announced that Michael Hunkapiller, Ph.D. is retiring as Chief Executive Officer and President by the end of the year. Dr. Hunkapiller plans to remain on the Board of Directors.
The company also announced that Susan K. Barnes plans to retire and will be leaving the company in August 2020. Ms. Barnes will continue in her role as Executive Vice President and Chief Financial Officer until that time.
The company has active searches under way for both the new CEO and CFO.
“Mike’s leadership at Pacific Biosciences has been essential to the development of the company’s revolutionary long-read sequencing technology and the Board thanks Mike for his contributions over the past 8 years as CEO of Pacific Biosciences,” said Christian Henry, Chairman of the Board. “The Board will be looking for a new Chief Executive Officer who has a track record of significant commercial success and can balance our commitment to scientific and engineering innovation with our increasing commercial opportunity.” Mr. Henry added, “We would also like to thank Susan, who has been with the company for more than 10 years, for her leadership and significant contributions.”
“Over the past eight years, we have advanced our sequencing technology further than many imagined and I’m proud to say that our systems based on SMRT® technology are industry-leading and routinely used in many of the top research centers in the world. I thank all of our employees and customers who have worked so hard to make us the clear leader in long-read sequencing,” said Dr. Hunkapiller. “I wanted to announce my planned retirement as early as possible in order to ensure a smooth transition. As a Board member, I look forward to supporting the new CEO and contributing to the success of the company in any way I can to ensure the company reaches its technological and commercial potential.”