Abizer Gaslightwala
About Abizer Gaslightwala
Abizer Gaslightwala, 51, is President and Chief Executive Officer of Akari Therapeutics, Plc since April 21, 2025, and has served on Akari’s Board since December 16, 2024 . He holds a BS in Chemical Engineering from Cornell, an MS in Chemical Engineering and MBA from MIT, and previously led Jazz Pharmaceuticals’ US Oncology franchise after senior commercial roles at Amgen, Pfizer, Centocor/J&J, and Boston Consulting Group . Company performance context prior to his tenure: 2023 cumulative TSR proxy metric shows a $100 investment valued at $10.40 and net loss of $10.0 million; 2022 TSR $31.33 and net loss of $17.7 million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Jazz Pharmaceuticals | SVP, Franchise Head, US Oncology | Since Oct 2020 | Led portfolio generating up to ~$1B annual sales across solid tumor/hematologic oncology |
| Amgen | Commercial and marketing leadership; led US multiple myeloma business | Apr 2014–Oct 2020 | Product launch and growth leadership in oncology |
| Pfizer | Global marketing/commercial planning; built biosimilars unit in oncology/inflammation | Not specified | Built biosimilars business; global commercialization strategy |
| Centocor/Johnson & Johnson | Marketing/sales roles | Not specified | Commercial development in immunology/oncology |
| Boston Consulting Group | Strategy consultant | Not specified | Advised life sciences companies on strategy |
External Roles
No current external public company directorships disclosed for Gaslightwala; board independence originally determined at appointment as director (Dec 2024), with no related-party transactions at that time .
Fixed Compensation
| Element | Amount | Period | Notes |
|---|---|---|---|
| Non‑employee Director fees (Gaslightwala) | $1,796 | FY 2024 | Total director cash fees while serving as non‑employee director; no option/RSU awards reported for him in 2024 |
| Board annual cash retainer (members) | $41,305 | 2024 | Paid quarterly in arrears; Chairman paid monthly |
| Committee annual retainers (member/chair) | Audit: $7,875 / $18,375; Compensation: $5,570 / $11,139; Nominating & Governance: $5,570 / $11,139 | 2024 | Directors can elect cash paid in fully‑vested ordinary shares; typically quarterly |
Note: CEO cash salary/bonus for Gaslightwala not disclosed as of the June 6, 2025 proxy (he became CEO on April 21, 2025) .
Performance Compensation
Company‑level policies (applies to executive officers generally; Gaslightwala specifics not yet disclosed):
| Metric/Instrument | Targeting/operation | Max/opportunity | Vesting/recovery |
|---|---|---|---|
| Annual bonus (cash) | Targets set annually; paid within 60 days post‑year end; committee discretion | Max 100% of target; committee may vary in exceptional cases | No clawback beyond adequacy of measures per policy table |
| Equity incentive (options/RSUs) | Periodic awards; options/RSUs typically vest over 2–4 years | No explicit cap; guided by internal norms | Vesting schedules; committee discretion; clawback policy adopted Nov 2023 for restatements |
2023 context: Committee did not award employee NEO cash bonuses based on company goal outcomes (before Gaslightwala’s tenure) .
Equity Ownership & Alignment
| Holder | Shares owned | Derivatives | Total beneficial | % of OS | As‑of |
|---|---|---|---|---|---|
| Abizer Gaslightwala | 597,148,000 ordinary shares | 535,712,000 warrants exercisable within 60 days | 1,132,860,000 | 1.6% of 71,479,461,523 OS | Oct 31, 2025 |
- Vested vs unvested breakdown not disclosed for Gaslightwala’s awards; however, beneficial ownership includes warrants exercisable within 60 days, which can create incremental float upon exercise .
- Company insider trading policy restricts short sales, options transactions, margin/pledging and hedging absent limited pre‑approval (mitigates misalignment risk); no pledging by Gaslightwala is disclosed .
- Director option grant norms: non‑executives typically receive 5,000,000 share options vesting at the next AGM, 10‑year term, CoC acceleration; Gaslightwala did not report such award for 2024 .
Employment Terms
| Term | Detail |
|---|---|
| CEO start date | April 21, 2025 (previous interim CEO was Samir R. Patel in 2024) |
| Contract length/auto‑renewal | Not disclosed for Gaslightwala |
| Target bonus % / actual bonus | Not disclosed for Gaslightwala |
| Severance / change‑of‑control | Not disclosed for Gaslightwala; company uses market‑norm severance and equity acceleration constructs (see prior CEO terms for framework) |
| Clawback | Company clawback policy (Nov 2023) to recoup incentive‑based compensation upon material restatement (3‑year lookback) |
| Non‑compete / non‑solicit | Not disclosed for Gaslightwala |
Board Governance
- Board and role: Gaslightwala is CEO and a director; as CEO he is not independent under Nasdaq rules .
- Chairman and committees: Chairman is Hoyoung Huh, M.D.; committee memberships (2025 configuration) include independent directors across Audit/Comp/Nominating; Gaslightwala (CEO) is not listed on these committees .
- Board service history: Director since Dec 16, 2024 (Class A, term to 2025 AGM) ; CEO since Apr 21, 2025 .
- Meeting attendance: 18 full Board meetings during 2023 with ≥75% attendance by directors; committee meetings held (audit: four; compensation: four; nominating: four) .
- Dual‑role implications: CEO-director status reduces independence; Board mitigates with an independent Chairman and independent committees .
Director Compensation
| Category | 2024 values | Notes |
|---|---|---|
| Cash retainers | Board $41,305; Audit $7,875 ($18,375 chair); Compensation $5,570 ($11,139 chair); N&G $5,570 ($11,139 chair) | Quarterly payment; Chairman monthly; election for cash in shares available |
| Annual director option grant policy | 5,000,000 ordinary shares (10,000,000 for non‑exec chairman), vest at next AGM; 10‑year term; CoC acceleration | Committee discretion to amend amounts |
| Gaslightwala’s 2024 director compensation | $1,796 cash; no reported options/RSUs | Served part‑year as non‑employee director |
Related Party and Capital Structure Notes
- No related‑party transactions disclosed for Gaslightwala at director appointment .
- Capital actions: 2025 special meeting proposes nominal value reduction, new Articles, pre‑emption disapplication; implementation includes cancellation of “Deferred Shares” (effectively worthless) financed by issuance of 10 new ordinary shares to Gaslightwala for $0.01 each to fund the $0.01 aggregate buyback price (procedural step to cancel Deferred Shares) .
Risk Indicators & Red Flags
- Dilution risk: Approval of Oct 2025 private placement warrants could add 6,375,000 ADS (12.75B ordinary shares) if fully exercised, pressuring price/ownership; Board recommends approval under Nasdaq 5635(d) .
- Governance: CEO also a director (not independent); mitigated by independent Chairman and committees .
- Hedging/pledging: Prohibited absent approval; reduces alignment risk; no hedging/pledging by Gaslightwala disclosed .
- Clawback: Adopted policy provides investor protections on restatements .
Investment Implications
- Alignment: Gaslightwala holds a meaningful stake (1.6%) and short‑dated exercisable warrants, aligning incentives but also potentially increasing near‑term supply upon exercise .
- Compensation transparency gap: CEO employment economics and performance metrics for 2025 onward are not yet disclosed, limiting pay‑for‑performance assessment; monitor upcoming proxy/8‑Ks for bonus targets, equity grants, and severance terms .
- Governance: Dual role with an independent Chairman and independent committees reduces independence concerns; continued oversight of dilution management (warrants, pre‑emption disapplication) is key for shareholder value .