Catriona Yale
About Catriona Yale
Catriona Yale is Chief Development Officer of Akero Therapeutics and has served in this role since October 2018, following 17 years in clinical operations and research leadership at Gilead Sciences . She is age 53 as of April 10, 2025 and has been an officer since 2018, per Akero’s 2025 proxy . Yale holds a B.Sc. in applied biology from Glasgow Caledonian University . Under her tenure, Akero met 100% of 2024 corporate performance goals, emphasizing Phase 3 SYNCHRONY execution, FDA alignment, manufacturing readiness, and capital raising, and paid bonuses at 100% of target; in 2023, goals were achieved at 95% with Phase 3 initiation as a stretch goal .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Akero Therapeutics | Chief Development Officer | Oct 2018–present | Led clinical development strategy; presented 96-week Phase 2b SYMMETRY data underpinning Phase 3 SYNCHRONY program . |
| Gilead Sciences | Vice President, Clinical Operations | Jul 2016–Oct 2018 | Led global clinical operations across oncology, HIV, inflammation, liver disease trials . |
| Gilead Sciences | Senior clinical research/operations roles | Oct 2001–Oct 2018 | Held senior roles culminating in VP; led global clinical operations and trial management . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $475,000 | $494,000 | $514,000 (used for severance calc) |
| Target Bonus (%) | 45% | 45% | Not separately stated; target opportunity shown in $ |
| Target Bonus ($) | $213,750 | $222,300 | $231,300 (if paid at 100% per merger proxy) |
| Actual Bonus Paid ($) | $203,063 (95% of target) | $222,300 (100% of target) | Not disclosed (pre-closing may be paid at 100%) |
Performance Compensation
2024 Annual Bonus Goals and Outcome
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Phase 3 SYNCHRONY site activation & patient enrollment | Nearly half of overall weighting combined with FDA alignment goals | Activate ex-US sites; meet enrollment targets | Achieved | 100% of target bonus | Cash bonus (no vesting) |
| FDA alignment on Phase 3 SYNCHRONY Outcomes design/endpoints | Nearly half of overall weighting combined with site/enrollment | Achieve FDA alignment | Achieved | 100% of target bonus | Cash bonus |
| Phase 2b HARMONY week 96 readout; SYMMETRY week 96 data collection | Remainder of base goals | Complete readouts/data collection | Achieved | 100% of target bonus | Cash bonus |
| Manufacturing PPQ activities for commercial scale readiness | Remainder of base goals | Complete PPQ activities | Achieved | 100% of target bonus | Cash bonus |
| Strengthen capital structure via funding for Phase 3 and CMC | Remainder of base goals | Raise additional funding | Achieved | 100% of target bonus | Cash bonus |
2023 Annual Bonus Goals and Outcome
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Phase 3 preparation & initiation (key stretch: first patient dosed) | Nearly half of overall weighting; stretch achieved | Prepare/initiate Phase 3 SYNCHRONY | Achieved; stretch goal met | 95% of target bonus | Cash bonus |
| Nonclinical and CMC process optimization for EFX | Remainder of base goals | Complete studies/testing | Achieved | 95% of target bonus | Cash bonus |
| Phase 2b SYMMETRY readouts (W36 main; W12 expansion) | Remainder of base goals | Deliver readouts | Achieved | 95% of target bonus | Cash bonus |
| Capital raising to support trials and manufacturing | Remainder of base goals | Raise funding | Achieved | 95% of target bonus | Cash bonus |
Long-Term Incentives (Time-Based)
| Grant Year | Options (#) | RSUs (#) | Option Vesting | RSU Vesting |
|---|---|---|---|---|
| 2024 annual grant | 73,700 | 24,300 | 48 equal monthly installments over 4 years (service-based) | 8 equal semi-annual installments over 4 years (service-based) |
Equity Ownership & Alignment
Outstanding Awards and Merger Treatment (as of Oct 22, 2025)
| Award Type | Quantity | Cash Value at $54 Closing Consideration | CVR Potential at $6 per unit | Notes |
|---|---|---|---|---|
| RSUs | 47,573 | $2,568,942 | $285,438 | RSUs fully vest at closing; cash plus 1 CVR per RSU |
| Options (vested) | 298,454 | $7,865,630 | Included in total CVR potential for options | All options In-the-Money; cash spread plus 1 CVR per option |
| Options (unvested) | 166,387 | $4,546,721 | Included in total CVR potential for options | Unvested options vest at closing (single trigger) |
| Options (CVR potential, vested+unvested) | — | — | $2,789,046 | CVR contingent on approval milestone per CVR Agreement |
Trading Arrangements (Insider Selling Pressure)
| Name | Action Date | Duration | Aggregate Shares to be Sold/Purchased |
|---|---|---|---|
| Catriona Yale, Chief Development Officer | Plan adopted Aug 26, 2025 | 217 days | 150,038 |
- Policy prohibits hedging or pledging of equity; Akero states “We don’t do” hedging/pledging and no supplemental executive retirement plans .
Employment Terms
| Provision | Term | Economics |
|---|---|---|
| Employment agreement (change-in-control severance) | Termination without cause or for good reason within 12 months following change-in-control | Cash payment equal to 1.0x base salary + target annual bonus; monthly COBRA reimbursement for up to 18 months; accelerated vesting of all time-based equity awards (double trigger) |
| Individual cash severance (estimated) | — | $745,300 total cash (1.0× $514,000 salary + $231,300 target bonus) |
| Merger equity treatment | Effective Time of Merger | All RSUs and all options (vested and unvested) deemed fully vested, canceled and converted into cash payments per Closing Consideration ($54) plus 1 CVR per share/option (single trigger) |
| CVR economics | Contingent value right | $6.00 per CVR if approval milestone achieved within required period |
| Excise tax reimbursement | Transaction-specific arrangement | Company may reimburse excise taxes up to an aggregate $600,000 to make officer whole on net basis; actual amount determinable post-close |
| Benefits/perquisites | Standard employee plans; no material perqs | Eligible for same health, dental, life, disability plans as all employees; 401(k) plan available; company pays premiums; no supplemental executive retirement plans |
Say-On-Pay & Shareholder Feedback
| Year | Say-on-Pay Approval (%) |
|---|---|
| 2023 | ~89% |
| 2024 | ~95% |
Expertise & Qualifications
- Clinical operations leadership across major therapeutic areas at Gilead; led global clinical operations and trial management .
- Chief Development Officer at Akero since 2018; presented key Phase 2b SYMMETRY data and supports Phase 3 SYNCHRONY program execution .
- B.Sc. in applied biology, Glasgow Caledonian University .
Compensation Committee & Governance Notes
- Program emphasizes pay-for-performance; primary elements include base salary, annual cash incentives, and time-based options/RSUs .
- Maintains industry-specific peer group; targets pay consistent with similarly sized/staged peers; consults independent compensation consultant .
- Governance “don’t do” policies include prohibitions on hedging/pledging, excessive perquisites, SERPs, and tax gross-up payments for change-of-control (note the separate transaction-specific excise reimbursement arrangement for the merger) .
Investment Implications
- Equity awards and options fully vest at closing on a single-trigger basis with substantial cash consideration and CVR potential, creating near-term liquidity and possible post-close selling pressure; Yale also adopted a Rule 10b5-1 plan to sell up to 150,038 shares over 217 days starting August 26, 2025 .
- Change-in-control severance is moderate at 1.0x salary+bonus plus 18 months COBRA, supporting retention if terminated post-transaction; however, accelerated vesting of time-based awards and large cash payouts at closing reduce equity-based retention incentives .
- Strong say-on-pay outcomes (89% in 2023; 95% in 2024) and a pay-for-performance framework (100% goal achievement in 2024; 95% in 2023) indicate shareholder alignment with compensation design, though merger-specific excise reimbursement (up to $600k aggregate) is a governance caution .
- Prohibition on hedging/pledging reduces alignment risks, and time-based vesting schedules for options/RSUs historically promoted service continuity; merger terms supersede these with immediate vesting, so monitoring Form 4 filings and CVR milestone progress will be key to assessing future incentives and potential selling dynamics .