Geoffrey Parker
About Geoffrey Parker
Geoffrey (Geoff) Parker, 60, is Executive Vice President and Chief Financial Officer of Allogene Therapeutics, serving since October 16, 2023. He previously held senior finance and operating roles at Tricida and Anacor (acquired by Pfizer for ~$5.2B in 2016) and was a Partner/Managing Director at Goldman Sachs leading West Coast Healthcare Investment Banking; he holds a BA (Economics & Engineering Sciences) from Dartmouth and an MBA from Stanford GSB and currently serves on the board of Perrigo Company plc . Company TSR (value of $100) declined to $14.28 in 2024 from $21.51 in 2023, reflecting the development-stage profile; management emphasizes long-term, milestone-driven value creation rather than near-term net income .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tricida, Inc. | COO, CFO, EVP | — | Senior operating/finance leadership at clinical-stage biotech . |
| Anacor Pharmaceuticals | CFO | — | Company sold to Pfizer for ~$5.2B in 2016 (transaction credential) . |
| Goldman Sachs | Partner & Managing Director; led West Coast Healthcare IB | — | Extensive capital markets/M&A expertise in healthcare . |
External Roles
| Organization | Role | Status/Years | Notes |
|---|---|---|---|
| Perrigo Company plc | Director | Current | Disclosed as current in 2024 10-K . |
| Better Therapeutics | Director | As of Oct 2023 | Listed in appointment 8-K; current status not reaffirmed in 2025 filings . |
Fixed Compensation
| Component | Detail | As of/Period | Source |
|---|---|---|---|
| Base Salary | $490,000 | Upon appointment (Oct 16, 2023) | |
| Target Annual Bonus | 45% of base salary | Appointment terms; aligns with “Other Executive Officers” target | |
| 2024 Corporate Score (Bonus Payout Basis) | 70% of target achieved | 2024 program outcome (applied to NEOs) |
Note: The proxy provides actual 2024 cash incentive payouts for Named Executive Officers (NEOs) but not specifically for Parker (not an NEO in 2024). NEO awards were paid strictly per corporate performance (70% of target), with no discretion .
Performance Compensation
Equity Awards Granted to Parker (new-hire)
| Instrument | Size | Vesting/Terms | Performance Conditions | Source |
|---|---|---|---|---|
| Stock Options | 950,000 | 25% after 1 year from 10/16/2023; remaining monthly over 36 months | Time-based | |
| Time-based RSUs | 400,000 | Four equal annual installments (around grant anniversary) | Time-based | |
| Performance RSUs (PRSUs) | 390,000 | Two equal tranches | 50% vests if 30-day weighted avg share price ≥ $18.00 by 3/22/2026; 50% vests upon first FDA marketing approval by 3/22/2028 |
2024 Annual Incentive Framework (Corporate goals used for executive bonuses)
| Goal Category | Core Goal Weighting | Stretch Goal Weighting | Outcome/Payout Basis |
|---|---|---|---|
| Execute on cema-cel ALPHA3 1L consolidation | 20% | 20% (tiered enrollment stretch) | Core initiation achieved (✓); overall corporate score 70% |
| Execute on cema-cel CLL study | 10% | 10% | Core: complete Phase 1 enrollment |
| Product manufacturing milestones (CF1 comparability, AutoFill, ALLO-329 GMP run) | 2.5% + 2.5% + 5% | 5% | Several manufacturing goals achieved (✓) |
| Advance pipeline (ALLO-316 RCC Go/No-Go) | 5% | — | Goal achieved (✓) |
| Company operations (financial strength, engagement, partnering, Servier issues) | 10% + 5% + 10% + 10% | 10% | Multiple ops goals achieved including financial strength (✓) |
2024 Long-term Incentive Program Design (Company-wide context)
| Mix | Vesting | Notes |
|---|---|---|
| 70% options / 30% RSUs | Three-year schedule for 2024 grants (shorter than typical four-year) | Focused on retention post-RIF; no PSUs in 2024; PSUs reintroduced in 2025 (20% of mix) |
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Open market/registered purchase | Parker purchased 344,828 shares at $2.90 in May 2024 (concurrent registered offering) | |
| Section 16 compliance note | Late Form 4 filed Jan 31, 2024 covering Jan 25, 2024 option/RSU grants due to administrative oversight; additional late Form 4 filed Mar 6, 2024 for Jan 30, 2024 broker-executed open market purchase (Parker notified Mar 4, 2024) | |
| Hedging/Pledging | Prohibited: no short sales, options, hedging, or pledging/margining allowed for officers/directors/employees/consultants | |
| Stock ownership guidelines | Other executive officers: 1x base salary; compliance deadline is later of Dec 2023 or 5 years from start; counting includes common stock and up to 50% of vested in-the-money options; unvested equity excluded |
The proxy reports compliance for Named Executive Officers and directors; Parker was not an NEO in 2024, and individual compliance status for him is not separately disclosed .
Employment Terms
| Term | Non-CIC Involuntary Termination | Change-in-Control (CIC) Termination (Double Trigger) | Source |
|---|---|---|---|
| Severance (cash) | 12 months base salary | 18 months base salary | |
| Target bonus | — | Additional amount equal to annual target bonus × (18/12) | |
| Equity | No acceleration disclosed | Full acceleration of vesting for all stock options and stock awards | |
| COBRA benefits | 12 months | 18 months | |
| “Cause” / “Good Reason” | CIC plan defines cause/good reason; double-trigger structure affirmed in governance summary | ||
| Start date | October 16, 2023 | — | |
| Role changes | Replaced as principal accounting officer June 5, 2024; remains CFO and principal financial officer |
Performance & Track Record
- Capital markets execution and signaling: Parker co-signed the May 2024 underwriting agreement with Goldman Sachs for a ~$110M gross registered offering; concurrently purchased 344,828 shares personally at the offering price, aligning with shareholders .
- Prior value creation credentials: Served as CFO of Anacor Pharmaceuticals, acquired by Pfizer for ~$5.2B in 2016 .
- Controls and governance: Company adopted an Exchange Act Rule 10D-1-compliant clawback policy in Nov 2023; Feb 2024 restatement related to non-cash JV accounting (2020–2023) triggered no recoupment because executive compensation after Oct 2, 2023 was not based on financial reporting measures .
Compensation Structure Analysis
- Mix and risk profile: Parker’s new-hire package emphasizes at-risk equity (options, RSUs, and PRSUs), with PRSUs tied to an $18 30-day VWAP by 3/22/2026 and first FDA approval by 3/22/2028, creating explicit milestone-driven upside and retention .
- Annual bonus rigor: 2024 cash incentive outcomes for executives were strictly formulaic at 70% of target with no discretionary uplifts, reinforcing pay-for-performance alignment under challenging market/operating conditions .
- Equity program evolution: Company excluded PSUs in 2024 for retention and stage-appropriateness, then reintroduced PSUs in 2025 (20% of value) tied to autoimmune milestones, indicating responsiveness to investor feedback without over-indexing on premature metrics .
Risk Indicators & Red Flags
- Section 16 timeliness: Late Form 4s in early 2024 for option/RSU grants and a broker-executed purchase (administrative oversight); not systemic but warrants monitoring for insider controls execution .
- Restatement context: Feb 2024 restatement was non-cash, tied to a 2020 JV; clawback framework is in place, and no recoupment applied due to metric scope since Oct 2, 2023 .
- Hedging/pledging: Prohibitions reduce misalignment and liquidity-driven selling risks .
Investment Implications
- Alignment and confidence: Parker’s personal purchase in the May 2024 raise and PRSU hurdles (price and regulatory) are positive alignment signals; they increase convexity to successful execution and reduce pure time-based equity reliance .
- Retention vs. selling pressure: Significant unvested equity (options and RSUs plus PRSUs) with multi-year schedules suggests strong retention. Watch vesting cadence around each October anniversary and any 2024 three-year RSU/option awards (shortened schedule used company-wide in 2024) for potential liquidity events; company prohibits pledging/hedging, mitigating forced-sale risks .
- Change-of-control economics: Double-trigger with 18 months salary, 1.5x target bonus, and full equity acceleration is standard for comparable biotechs; meaningful, but not excessive, and could make Parker neutral-to-supportive of strategic alternatives that maximize shareholder value .
- Governance trajectory: Say-on-pay support improved with tighter linkage and transparency; the clawback and no-hedge/pledge policies are shareholder-friendly, though diligence on Section 16 timeliness should continue .