Kate Cronin
ModernaAbout Kate Cronin
Kate Cronin is Moderna’s Chief Brand Officer, responsible for communications, branding, and marketing; she joined in July 2021 and is age 59, with a B.A. in Biology from Smith College . Prior to Moderna, she was Global CEO of Ogilvy Health (2004–2021), and previously held senior roles including Global Managing Director and Managing Director of Ogilvy PR’s New York office; earlier she was a partner at Porter Novelli . Company performance context during her tenure: net product sales were $3.1B in 2024 and cash operating expenses were reduced 27% year-over-year, while 5-year TSR measured by a $100 investment reached $212.58 through 12/31/2024 . Annual corporate bonus funding for 2024 was set at 102% of target based on scorecard outcomes, emphasizing product sales, operating expense control, pipeline progress, and filings, which are relevant to executive incentive alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ogilvy Health | Global CEO; previously Global Managing Director; Managing Director (NY); Co-President, U.S. | 2004–2021 | Led integrated campaigns for major health clients (BMS, Boehringer Ingelheim, Merck, Pfizer); scaled health communications and branding capabilities |
| Porter Novelli | Partner | Not disclosed | Senior leadership in public relations; healthcare and brand communications experience |
| Moderna | Chief Brand Officer | July 2021–present | Oversees communications, branding, marketing to support commercialization and corporate strategy |
External Roles
No public company directorships or external board roles disclosed for Cronin in the available filings.
Fixed Compensation
Not disclosed for Kate Cronin. Moderna’s DEF 14A presents detailed compensation for Named Executive Officers (NEOs); Cronin is listed as an Executive Committee member but not as an NEO in the cited proxies, so her base salary, bonus target, and grant values are not itemized. Program-level policies are summarized below.
Performance Compensation
Company-wide annual bonus scorecard (applies to executive officers, including Executive Committee members) for FY2024:
| Metric | Target | Actual | Committee Assessment | Payout |
|---|---|---|---|---|
| Product Sales (COVID + RSV) | Threshold: $3.0B (0%) to $3.4B (50%); Target: $3.8B–$4.4B | $3.1B net product sales | Below Target | 3% |
| Operating Expense (before cost of sales) | Threshold: $6.4B (0%) to $6.1B (50%); Target: $5.8B | $5.7B | Above Target | 11% |
| RSV Launch Approvals | Threshold: US; Target: US + EU | US, EU, Canada approvals | Above Target | 13% |
| Filings: Flu and Flu+COVID | Threshold: File 1 of 3; Target: File 2 of 3 | Filed all 3 (mRNA-1010, -1083, -1283) | At Maximum | 20% |
| INT Clinical + Manufacturing Readiness | Threshold/Target patient enrollment; Gen 2 process goal | Enrolled melanoma (max) and non-melanoma (target); Gen 2 not achieved | Below Target | 8% |
| Diversified Late-Stage Pipeline (vaccines/rare disease) | Threshold: initiate dosing in MMA or PA; Target: both | PA pivotal dosing; Norovirus Ph3; MMA pivotal design agreed | Above Target | 13% |
| Early Pipeline & Platform S&T | Threshold: 3 INDs/CTAs + 3/5 S&T; Target: 4 INDs/CTAs + 4/5 S&T | 5 INDs/CTAs; advanced platform tech | Above Target | 15% |
| Disciplined Investments (Aus/Can/UK sites) | Threshold: revenue readiness across sites; Target: base/high-case deliveries | All 3 sites on track for 2025 base-case deliveries | Above Target | 15% |
| Employee Engagement | Threshold: 68; Target: 72 | 71 | Below Target | 4% |
| Corporate Bonus Funding Outcome | — | — | Final Assessment | 102% |
Long-term incentives (standard for executive officers):
- Stock Options: ratable vesting over 4 years (25% at year 1; 6.25% quarterly thereafter) .
- RSUs: ratable vesting over 4 years (25% at year 1; 6.25% quarterly thereafter) .
- PSUs: three-year performance period; cliff vesting based on performance against multi-year strategic metrics (e.g., combination vaccines, pipeline diversification, manufacturing sites, digital readiness) .
Equity Ownership & Alignment
| Policy Element | Term |
|---|---|
| Stock Ownership Guidelines | CEO: 7x salary; President: 6x; Other Executive Committee members: 3x salary; compliance required by the later of Dec 31, 2024 or five years from becoming subject to policy . |
| Counting Toward Compliance | Only owned shares count (no credit for vested, unexercised options); until compliant, hold 50% of shares from vested RSUs for those first subject on/after Jan 1, 2021 . |
| Hedging/Pledging | Prohibited: short sales; puts/calls/derivatives; margin; pledging or modifying pledges; none of the NEOs sought or obtained approval for hedging/pledging as of proxy dates . |
| 10b5-1 Plans | Executives required to pre-plan stock sales via Rule 10b5-1 trading plans . |
| Clawback | Mandatory recoupment of excess performance-based compensation due to financial statement error/misstatement (regardless of fault); discretionary recoupment for misconduct causing material harm; updated May 2023 for Nasdaq rules . |
| Option Repricing | Not permitted under 2018 Stock Plan without shareholder approval; 2025 Option Exchange targeted non-Executive Committee employees only, with extended vesting to reinforce retention . |
Beneficial ownership amounts, pledged shares, and compliance status for Kate Cronin specifically are not disclosed in the cited filings; only policy-level requirements are available.
Employment Terms
| Aspect | Term |
|---|---|
| Severance Plan | Double-trigger change-of-control: payments and accelerated vesting require termination or resignation for “good reason” within 12 months post-transaction . |
| Tax Gross-Ups | No post-employment tax reimbursement/gross-ups on severance or change-in-control benefits . |
| Governance Practices | Independent Compensation Committee; independent advisor; annual say-on-pay; significant at-risk pay; multiple performance goals with annual risk assessments . |
Investment Implications
- Alignment: Strong governance architecture—ownership guidelines (3x salary for Executive Committee), mandatory 10b5-1 plans, and anti-hedging/pledging—supports long-term alignment and reduces opportunistic selling pressure; RSU retention until guideline compliance further tempers near-term supply of insider shares .
- Retention risk: Executive Committee was excluded from the 2025 employee option exchange targeting underwater options, and option repricing is disallowed without shareholder approval—executive equity remains fully performance- and market-linked, sustaining retention via standard 4-year vesting and 3-year PSU cycles .
- Pay-for-performance signals: 2024 bonus funding at 102% coupled with minimal payout on product sales (3%) and above-target credit for filings and pipeline progress demonstrates disciplined linkage to strategic execution over revenue volatility, a relevant lens for evaluating brand/market execution under Cronin’s remit .
- Trading considerations: Required pre-planned 10b5-1 sales and prohibition on pledging/hedging mitigate sudden insider selling catalysts; watch corporate scorecard outcomes (product sales trajectory, filing/approval cadence, operating expense control) as leading indicators for annual bonus funding and LTI realizations .