Timothy Rolph
About Timothy Rolph
Co-founder and Chief Scientific Officer (CSO) of Akero Therapeutics since April 2017; age 71; B.Sc. in Biochemistry (University of London); DPhil in muscle development (University of Oxford). Prior roles include Senior Vice President at Pfizer, where he led cardiovascular, metabolic, and endocrine research and oversaw the FGF21 program; Venture Partner at Apple Tree Partners (2016–2018) . Akero’s compensation philosophy emphasizes pay-for-performance tied to operational milestones, with TSR up to 107.83 in 2024 and net loss of $252.1M; the company notes executives are incentivized on clinical and development metrics rather than revenue or EBITDA as Akero is pre-revenue .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pfizer Inc. | SVP, Program Value Enhancement; CSO, Cardiovascular/Metabolic/Endocrine | 1994–2016 | Led cardio-metabolic programs; oversaw FGF21 program that underpins Akero’s EFX strategy |
| Apple Tree Partners | Venture Partner | 2016–2018 | Early-stage company formation; supported translational strategy |
| Akero Therapeutics | Co-founder, CSO | 2017–present | Scientific leadership for EFX; clinical and manufacturing milestones driving compensation outcomes |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apple Tree Partners | Venture Partner | 2016–2018 | Venture creation and scientific diligence |
| Pfizer Inc. | Senior research leadership | 1994–2016 | Set strategy for cardiovascular/metabolic portfolio; FGF21 program oversight |
Fixed Compensation
| Metric | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Base Salary ($) | $414,000 | $428,490 | $482,000 | $506,000 |
| Target Bonus (%) | 40% | 40% | 40% | 45% |
| Bonus Paid ($) | $207,000 | $171,396 | $337,400 | $216,315 (95% of target) |
Performance Compensation
| Year | Metric | Weighting | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|---|---|
| 2023 | Phase 3 SYNCHRONY preparation, initiation and first dosing | Not disclosed | Initiation and dosing | Achieved | 95% of target bonus pool | Operational milestones drove payout |
| 2023 | SYMMETRY Phase 2b read-outs (week 36 main; week 12 expansion) | Not disclosed | Readouts | Achieved | Included in 95% | |
| 2023 | CMC/device comparability and FDA alignment | Not disclosed | Alignment | Achieved | Included in 95% | |
| 2023 | Capital raising | Not disclosed | Fundraising | Achieved | Included in 95% | |
| 2022 | HARMONY Phase 2b readout; SYMMETRY enrollment; API release; Phase 3 filings; financing | Not disclosed | Multi-metric | Achieved | Reflected in 2022 payouts | |
| 2021 | Multiple clinical, regulatory, manufacturing readiness goals | Not disclosed | 100% base goals | Achieved | 100% of target |
Equity Ownership & Alignment
- Policy prohibits hedging and pledging; no approvals sought or granted for pledging by NEOs; ESPP participation available; clawback policy effective 9/13/2023 .
Beneficial Ownership Trend
| As-of Date | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Apr 9, 2020 | 294,228 | 1.02% |
| Apr 5, 2021 | 411,309 | 1.18% |
| Apr 4, 2022 | 521,761 | 1.48% |
| Apr 6, 2023 | 570,436 | 1.20% |
| Apr 2, 2024 | 585,792 | <1% (*) |
Vested vs. Unvested Detail (Outstanding Equity Awards at 12/31/2023)
| Award | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | RSUs Unvested (#) |
|---|---|---|---|---|---|
| Options (12/09/2022) | 21,594 | 64,785 | 42.95 | 12/09/2032 | — |
| Options (12/08/2023) | — | 146,237 | 19.87 | 12/08/2033 | — |
| Options (12/08/2021) | 43,610 | 43,611 | 21.10 | 12/08/2031 | — |
| Earlier options (various 2019–2021 tranches) | Multiple lines | Multiple lines | 0.62–28.35 | 2028–2031 | — |
| RSUs (12/08/2023 grant) | — | — | — | — | 32,497 |
| RSUs (12/09/2022 grant) | — | — | — | — | 14,397 |
Vesting schedules: options vest monthly over 48 months; 2022 RSUs vest quarterly over 16 quarters; 2023 RSUs vest semi-annually over 4 years .
Recent Grants (structure)
| Grant Date | Instrument | Shares | Vesting | Strike ($) |
|---|---|---|---|---|
| 12/08/2023 | Stock Options | 146,237 | Monthly over 48 months | 19.87 |
| 12/08/2023 | RSUs | 32,497 | Semi-annual over 4 years | — |
| 12/09/2022 | Stock Options | 86,379 | Monthly over 48 months | 42.95 |
| 12/09/2022 | RSUs | 19,195 | Quarterly over 4 years | — |
| 12/08/2021 | Time-based + Performance-based Options | 87,221 + 87,221 | Time-based monthly; performance options tied to operational goals | 21.10 |
Employment Terms
- Agreement effective at IPO (May 2019). Without change-in-control: 9 months base salary; up to 9 months COBRA at active-employee rate; standard at-will employment . With change-in-control (within 12 months post-CIC, double-trigger): lump sum 12 months base + 1x target bonus; full acceleration of all time-based equity awards; up to 12 months COBRA at active-employee rate .
Estimated Payments (12/31/2023 assumptions)
| Scenario | Cash Severance | Bonus Severance | COBRA | Equity Acceleration | Total |
|---|---|---|---|---|---|
| Termination without Cause (no CIC) | $394,500 | — | $1,599 | — | $396,099 |
| Termination without Cause or Resign for Good Reason (within 12 months of CIC) | $526,000 | $236,700 | $2,132 | $607,030 | $1,371,862 |
Additional policies: clawback on restatements per SEC/Nasdaq; no tax gross-ups for golden parachutes; Section 409A compliance; no SERP/defined benefit plans; limited perquisites; equity grant timing controls to avoid MNPI .
Investment Implications
- Alignment and retention: Rolph’s increasing beneficial ownership through 2023 and continued unvested equity (options/RSUs vesting through 2027–2028) signal ongoing alignment and retention incentives; hedging/pledging prohibited reduces forced-sale risk .
- Change-in-control economics: Double-trigger acceleration and 12 months base + 1x bonus imply moderate CIC leverage; full acceleration of time-based equity awards could create event-driven supply if transaction closes; monitor M&A chatter and proxy disclosures .
- Performance linkage: Bonus outcomes tied to operational milestones (Phase 3 initiation, enrollment, FDA alignment, manufacturing readiness, financing) rather than GAAP metrics; company achieved 95% of goals in 2023 and 100% in 2024, indicating execution strength under scientific leadership .
- Option strike stack: Significant 2023 options at $19.87 and 2022 options at $42.95 create layered intrinsic value sensitivity; watch share price relative to strikes to gauge potential exercise/sale pressure as tranches vest .
- Governance and pay risk: Strong say-on-pay (95% approval), use of independent consultant (Pearl Meyer), and clawback policy reduce compensation controversy risk; absence of tax gross-ups and pledging bans are shareholder-friendly .