Giacomo Salvadore

About Giacomo Salvadore

Alector appointed Giacomo Salvadore, M.D., as Chief Medical Officer effective April 25, 2025, after he joined the company in 2023 as Senior Vice President of Clinical Development; he is a trained psychiatrist with an M.D. from the University of Rome Tor Vergata and a postdoctoral fellowship at the NIH, and previously held leadership roles at Acadia Pharmaceuticals (VP, Translational Medicine) and Janssen R&D (multiple neurology/psychiatry development roles over >10 years) . In recent earnings and R&D forums, Dr. Salvadore articulated trial design, regulatory alignment, and biomarker strategy for Alector’s late-stage programs, including the INFRONT-3 Phase 3 trial of latozinemab in FTD-GRN and the ABC-enabled preclinical portfolio . As context for pay-for-performance alignment, Alector’s revenues and EBITDA in recent years are below.

Company performance context:

Values retrieved from S&P Global.*

Past Roles

External Roles

• None disclosed in company filings/press at this time .

Fixed Compensation

• No public filing yet discloses Dr. Salvadore’s base salary, target bonus, or initial equity awards as CMO. His appointment was announced March 28, 2025 (effective April 25, 2025) without compensatory terms; contemporaneous 8-Ks detail compensation changes for other executives but not for the CMO .
• Company practice and precedent (for named executive officers, including the prior CMO) indicate market-based base salaries and target bonus percentages reviewed annually, with 2024 salary adjustments averaging ~3.9% and target bonus rates unchanged; however, those data pertain to FY2024 NEOs prior to Dr. Salvadore’s appointment .

2024 NEO fixed comp context (not specific to Dr. Salvadore):

Performance Compensation

• Alector funds annual bonuses against weighted corporate objectives (Science 20%, Patients 45%, People 15%, Value 20%) plus a 20% stretch layer; for 2024, the corporate scorecard achieved 100% but was discretionarily reduced to 80% for executives after a negative AL002 Phase 2 readout; the CEO further reduced his payout to 50% of target .
• 2024 NEO bonus payouts (for context; not specific to Dr. Salvadore):

• Long-term incentives: In 2024, annual executive equity was 100% RSUs vesting quarterly over three years (12 equal quarterly installments), reflecting a shift from options to RSUs to manage share usage and align retention with stock performance .

2024 NEO annual RSU grants (context):

Equity Ownership & Alignment

• Beneficial ownership for Dr. Salvadore is not disclosed in the March 31, 2025 security ownership table (he was not listed among NEOs/directors at that record date); thus, total shares owned, options, RSUs, and ownership as % of outstanding are not available .
• Alignment safeguards: Alector prohibits hedging and pledging of company stock for executives and directors; a Dodd-Frank-compliant clawback policy was adopted in September 2023 covering excess incentive compensation after restatements .
• Executive equity instruments generally vest quarterly for RSUs and monthly for options (typical 1/48th per month schedules), aiding retention and potentially spreading supply over time rather than creating single-date selling pressure .

Employment Terms

• Dr. Salvadore’s individual employment letter and severance/change-in-control (CIC) agreement have not been disclosed. Company practice is to enter into CIC and severance agreements for executive officers, with “Tier 2” terms used historically for the CMO (e.g., Romano’s 2022 offer referenced Tier 2), but no filing has confirmed Dr. Salvadore’s tier or terms .
• Current CIC/severance program (for named executive officers per proxy):

• Definitions of “Cause” and “Good Reason” and procedural safeguards (notice/cure) are set forth in prior proxies and remain consistent, reinforcing standard governance protections .

Performance & Track Record

• Scientific and regulatory leadership: As CMO, Dr. Salvadore led FDA interactions resulting in inclusion of plasma progranulin as a co-primary endpoint in INFRONT-3 (reflecting mechanistic alignment), outlined powering/sample-size assumptions, and discussed biomarker-driven approval paradigms referencing CNS precedents (e.g., tofersen in SOD1 ALS) .
• Program outcomes: On October 21, 2025, Alector announced INFRONT-3 did not meet its clinical co-primary endpoint (CDR plus NACC FTLD-SB), though it achieved statistical significance on the biomarker co-primary (plasma PGRN); Dr. Salvadore emphasized learnings for progranulin biology and patient benefit in future research .
• Portfolio strategy: He has articulated a biomarker-led proof-of-concept approach for ABC-enabled programs (e.g., anti-amyloid beta antibody), prioritizing PET and plasma p-tau for early de-risking and dose finding .

Compensation Committee & Governance Context

• The People, Culture, and Compensation Committee (independent directors) sets executive pay using peer benchmarking and maintains pay-for-performance discipline; 2025 Say-on-Pay passed with strong support (2024: >98%; 2025 vote also approved) .
• Equity usage and plan capacity are disclosed (2019 Plan/ESPP and inducement plan balances), supporting transparency on potential dilution and equity availability .

Investment Implications

• Pay-for-performance alignment: With RSUs as primary long-term incentives and anti-hedge/pledge rules, Dr. Salvadore’s prospective compensation is likely to be equity-heavy and retention-focused, aligning him with long-horizon value creation despite clinical volatility .
• Retention risk: Absence of disclosed CMO-specific severance terms introduces uncertainty, but company practice and prior CMO precedent suggest standard double-trigger CIC protections, which typically mitigate flight risk around strategic events; disclosure in a future 8-K or proxy will be a key watch item .
• Trading signals/insider supply: No Form 4 filings for Dr. Salvadore were identified to date; combined with RSU quarterly vesting conventions and anti-pledging, near-term concentrated selling pressure from the new CMO appears limited until awards are granted and vest .
• Execution risk: The INFRONT-3 clinical miss increases near-term program risk; however, Dr. Salvadore’s regulatory strategy and biomarker fluency (plus ongoing AL101/GSK4527226 Phase 2 and ABC pipeline) provide avenues for future value creation if subsequent readouts validate the biomarker-to-outcome thesis .

Key confirmations to seek: a) Dr. Salvadore’s compensatory arrangements (base, bonus target, and initial equity grant) via 8-K or next proxy; b) Form 4 filings if/when equity grants are awarded; c) any updates to CIC/severance Tier definitions naming the CMO.

References:

• Appointment/background: Alector press release (Mar 28, 2025)
• 2025 Proxy (DEF 14A): compensation program, bonuses, RSUs, clawback, anti-hedging/pledging, security ownership (record date 3/31/25)
• 8-Ks: Romano resignation (Mar 28, 2025) ; Leadership update re CFO (Jun 13, 2025)
• Earnings/Investor calls: CMO remarks on endpoints, powering, regulatory alignment, biomarker strategy
• INFRONT-3 topline (Oct 21, 2025)
• CIC/severance program: 2025 Proxy and prior proxies; prior CMO Tier 2 precedent

S&P Global disclaimer: Company financial values marked with an asterisk (*) were retrieved from S&P Global.