William White
Chief Financial Officer and Head of Corporate Development and Treasurer at Akero Therapeutics
Executive
About William White
William White, J.D., is Executive Vice President, Chief Financial Officer, Head of Corporate Development, and Treasurer at Akero Therapeutics (AKRO), a role he has held since April 2019. He previously led US Life Sciences Investment Banking at Deutsche Bank and held senior healthcare investment banking roles at Citigroup and Goldman Sachs. He holds an A.B. from Princeton, an M.P.P. from Harvard, and a J.D. from Columbia; age 52 as of April 10, 2025 . Akero is a clinical-stage company with no revenue to date; recent pay-versus-performance disclosures show cumulative TSR of 107.83 in 2024 (base 100=2020) and a 2024 net loss of $252.1 million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Akero Therapeutics | EVP, CFO, Head of Corp. Dev., Treasurer | Apr 2019–present | Leads finance and corporate development as company advanced Phase 3 SYNCHRONY program . |
| Deutsche Bank AG | Managing Director; Head of US Life Sciences Investment Banking | Sep 2017–Mar 2019 | Advised/financed life sciences issuers; relevant to capital access for Akero . |
| Citigroup Inc. | Managing Director, Healthcare Investment Banking | May 2006–Sep 2017 | Led healthcare IB coverage/execution . |
| Goldman, Sachs & Co. | Associate; Vice President, Healthcare Investment Banking | Nov 2000–Mar 2006 | Healthcare IB coverage/execution . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Ventyx Biosciences (Nasdaq: VTYX) | Director | Current (as of proxy) |
| Disc Medicine (Nasdaq: IRON) | Director | Current (as of proxy) |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $452,000 | $475,000 | $510,000 (7.37% merit increase effective Jan 1, 2024) |
| Target Bonus % of Salary | 45% | 45% | 45% |
| Actual Cash Incentive Paid ($) | $316,400 | $203,063 | $229,500 (100% of target achieved for 2024) |
Performance Compensation
- 2024 annual incentive plan was based on corporate goals with base (100%) and stretch (+50%) structure; the base goals included: Phase 3 SYNCHRONY ex-US site activation and enrollment targets; FDA alignment on SYNCHRONY Outcomes design/endpoints; Week 96 readouts (HARMONY/SYMMETRY) data completion; PPQ manufacturing activities; and strengthening the balance sheet. Goals related to SYNCHRONY activation, enrollment, and FDA alignment comprised nearly half of overall weighting; payout was 100% of target for 2024 .
| Metric (2024) | Weighting | Target | Actual | Payout | Notes/Vesting |
|---|---|---|---|---|---|
| Corporate objectives (incl. Phase 3 activation/enrollment, FDA alignment, key readouts, PPQ, financing) | Base goals sum to 100% (SYNCHRONY-related nearly half) | 100% | Achieved 100% | 100% of target bonus | Cash paid Dec 2024 |
- Long-term incentives (granted Dec 16, 2024): options and RSUs. Options vest monthly over 48 months; RSUs vest in 8 equal semi-annual installments over 4 years, subject to service .
| Equity Award (granted 12/16/2024) | Quantity | Exercise/Price | Vesting |
|---|---|---|---|
| Stock Options (#) | 73,700 | $29.23 | 1/48 monthly over 4 years from 12/16/2024 |
| RSUs (#) | 24,300 | n/a | 1/8 semi-annually over 4 years from grant |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 438,341 shares (<1% of 79,679,222 shares outstanding as of Apr 10, 2025) |
| Direct common shares | 1,152 shares |
| Options exercisable within 60 days | 437,189 shares |
| Unvested RSUs outstanding (12/31/2024) | 9,598 + 24,373 + 24,300 = 58,271 units (by grant cohorts) |
| Options unexercisable outstanding (12/31/2024) | 21,806 + 43,189 + 50,968 + 109,678 + 73,700 = 299,341 options across grants |
| Pledging/Hedging | Prohibited for executives under Insider Trading Policy; no pledging approvals granted |
| Ownership guidelines | Not disclosed in proxy; not specified |
Insider trading activity (illustrative 2024–2025 disclosures):
- 7/16/2024: Sale (and option exercise) of 34,811 shares at $28.05 (“S - Sale+OE”)
- 7/23/2024: Sale (and option exercise) of 161,855 shares at $27.07 (“S - Sale+OE”)
- 9/10/2024: Sale of 639 shares at $26.18 (“S - Sale”)
- 8/26/2024: Form 144 notice filed for William Richard White
- 9/11/2025: Form 4 filed; ongoing transactions disclosed (CFO)
Section 16 timing note: The company disclosed certain late Forms 4 in 2024, including for Mr. White (transactions on Aug 26, 2024 and Sept 10, 2024; subsequently filed) .
Employment Terms
- Standard severance (non-change-in-control): If terminated without Cause or resigns for Good Reason, cash severance equal to 9 months of base salary and up to 9 months of COBRA premium contributions, subject to release .
- Change-in-control (within 12 months): Lump sum of 12 months base salary plus 1x target bonus; up to 18 months of COBRA contributions; and full acceleration of all time-based equity (double-trigger) .
- Estimated CIC benefits (as of 12/31/2024): Cash severance $530,000; target bonus $238,500; COBRA $83,185; acceleration value of equity $3,339,876; total $4,191,561 (based on $27.82 stock price at 12/31/2024) .
- Clawback: Compensation recovery policy adopted Sept 13, 2023 per SEC/Nasdaq rules .
- 280G/4999: No excise tax gross-up commitments .
- Hedging/Pledging: Prohibited .
Compensation Structure Analysis
- Cash vs equity mix: For 2024, salary $510k; cash incentive $229.5k (100% of target); equity grants with grant-date fair value $2,328k (RSUs $710,289; options $1,617,885), showing equity-heavy pay for alignment and retention .
- Year-over-year: Base salary rose 7.37% in 2024 vs 2023 reflecting merit; option grant value decreased vs 2023 while RSU grant value modestly increased; total reported compensation declined from 2023 to 2024 largely due to lower option grant value .
- Pay-for-performance: Company achieved 100% of 2024 goals; say-on-pay support ~95% in 2024, and program emphasizes equity and operational milestones rather than financial metrics given clinical stage .
- Peer group and benchmarking: Committee uses an industry peer set (includes Madrigal, Viking, Mirum, etc.) and targets competitive ranges rather than a set percentile; retention focus acknowledged .
Performance & Track Record
- 2024/early 2025 operating highlights tied to incentives: Global Phase 3 SYNCHRONY site activation and enrollment progress; Week 96 HARMONY readout; Week 96 SYMMETRY data showed statistically significant reversal of compensated cirrhosis at 50mg; multiple successful financings (≈$367M Mar 2024 follow-on; ≈$402.5M Jan 2025 offering) .
- Pay vs performance (company-level): Cumulative TSR (base=100 at 2020) rose to 107.83 in 2024, with net loss of $252.1M; TSR path was 81.98 (2021), 212.40 (2022), 90.50 (2023), 107.83 (2024) .
- Strategic development: In Oct 2025, Akero agreed to be acquired by Novo Nordisk (reported “up to 52 billion” total consideration in 8-K headline), increasing relevance of CIC terms for executives [13].
Equity Vesting Schedules and Overhang
- Options: Monthly vesting over 48 months for 12/16/2024 grant; earlier option grants vest monthly on 48-month schedules by grant cohort; multiple tranches remain unexercisable as of 12/31/2024 .
- RSUs: Semi-annual vesting over 4 years across 2022, 2023, and 2024 grants (9,598; 24,373; 24,300 units outstanding at 12/31/2024) .
- Insider selling pressure: Multiple 2024 sales included significant sale+exercise transactions in July; smaller sales in September. Sales coinciding with vesting and option exercises can create periodic supply but are typical for executive liquidity and do not necessarily indicate adverse information .
Say-on-Pay & Governance
- Say-on-pay approval ~95% at 2024 meeting, maintaining program structure into 2024 .
- Independent compensation consultant: Pearl Meyer; committee comprised of independent directors; no tax gross-ups; hedging/pledging prohibited .
Investment Implications
- Alignment: Equity-heavy mix with time-based options and RSUs and a robust clawback and no hedging/pledging policy supports long-term alignment; however, absence of performance-vesting shares in 2024 tilts toward retention over explicit financial performance metrics (appropriate given clinical-stage operational goals) .
- Retention/CIC: Double-trigger CIC equity acceleration and 1x salary + 1x target bonus provide competitive protection without gross-ups; in the context of a pending Novo Nordisk acquisition, these terms should facilitate retention through close while limiting single-trigger windfalls [13].
- Selling pressure: 2024 Form 4s indicate notable sale+exercise activity in July and smaller sales in September; combined with a steady semi-annual RSU vesting cadence, this may create periodic technical supply but appears aligned with routine liquidity management rather than red flags (company also noted administrative late filings later cured) .
- Performance lens: With no revenues and sizable net losses typical of late-stage biotech, incentives appropriately focused on clinical, regulatory, manufacturing, and financing milestones met in 2024; TSR recovered in 2024 vs 2023 but remains volatile into Phase 3 readouts and transaction execution .