Jeff Ajer
NEKTAR THERAPEUTICSAbout Jeff Ajer
Jeff Ajer, age 62, has served on Nektar’s board since September 2017 and is currently a Class II director continuing in office until the 2027 annual meeting. He is the former Executive Vice President and Chief Commercial Officer at BioMarin (2014–2024), with 25+ years in rare disease commercialization; he holds a B.S. in chemistry and an MBA from the University of California, Irvine. He also serves on the board of Viridian Therapeutics and on the advisory board of Serna Bio .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BioMarin Pharmaceutical Inc. | Executive Vice President & Chief Commercial Officer | 2014–2024 | Led global commercialization and launches for rare disease brands (Brineura, Vimizim, Kuvan, Naglazyme) |
| BioMarin Pharmaceutical Inc. | Senior VP/Chief Commercial Officer; VP, Commercial Operations, The Americas | 2005–2014 | Established commercial infrastructure and global footprint |
| Genzyme Corporation | Vice President, Global Transplant Operations | Prior to 2005 | Commercial operations leadership |
| SangStat Medical Corporation | Sales, marketing, operations roles | Prior to 2005 | Commercial roles |
| ICN Pharmaceuticals | Sales, marketing, operations roles | Prior to 2005 | Commercial roles |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Viridian Therapeutics, Inc. | Director | Current | Public company directorship |
| Serna Bio | Advisory Board Member | Current | Private, preclinical biotech (RNA-targeted therapeutics) |
Board Governance
- Committee assignments: Audit Committee Member; Organization & Compensation Committee Member; not a chair .
- Independence: Board determined Ajer is independent; only the CEO (Mr. Robin) is non-independent .
- Meeting attendance: Board met 14 times in 2024; each director attended 75% or more of board and key committee meetings; all directors attended the 2024 annual meeting .
- Executive sessions: Independent directors met five times in 2024; presided over by the Lead Independent Director .
Committee Memberships (2024)
| Committee | Role | Meetings in 2024 |
|---|---|---|
| Audit | Member | 5 |
| Organization & Compensation | Member | 5 |
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Annual Director Cash Fees (Ajer) | $87,000 |
| Total Director Compensation (Ajer) | $197,939 |
| Director Plan Cash Retainers (Structure) | FY 2024 |
|---|---|
| Base Annual Retainer (non-employee directors) | $55,000 |
| Chair of Board additional retainer | $50,000 |
| Lead Independent Director additional retainer | $25,000 |
| Audit Committee: Chair/member retainers | $25,000 / $12,000 |
| Compensation Committee: Chair/member retainers | $20,000 / $10,000 |
| Governance Committee: Chair/member retainers | $15,000 / $8,000 |
Compensation consultant: Aon advised on director pay; no conflicts identified; Aon received $20,162 for survey services in 2024 .
Performance Compensation
| Equity Grant Detail | FY 2024 |
|---|---|
| Annual option grant (shares) | 120,000 (granted Sep 18, 2024) |
| Grant date fair value (Ajer) | $110,939 |
| Vesting schedule | Monthly over one year (annual grants); RSUs vest on first anniversary if granted |
| Option term | 8 years |
| Exercise price | Equal to closing price on grant date |
| Post-service exercise window | 36 months, or earlier if term ends |
| Change-of-control treatment | Full acceleration of options/RSUs at closing |
| Death/disability (RSUs) | Immediate vesting |
Non-employee director annual grants in 2024 were options only; no RSUs granted . Plan includes clawback policy coverage for awards .
Other Directorships & Interlocks
| Company | Role | Committee Roles (if disclosed) | Interlock/Conflict Notes |
|---|---|---|---|
| Viridian Therapeutics, Inc. | Director | Not disclosed | No compensation committee interlocks or insider participation reported; no reciprocal board roles by NKTR executives at other entities |
| Serna Bio | Advisory Board Member | Not applicable | Private company; no NKTR interlock disclosures |
Expertise & Qualifications
- Rare disease and specialty medicine commercialization expertise; leadership of global product launches and reimbursement strategy .
- Chemistry and MBA degrees (UC Irvine) underpin commercial and operational acumen .
- Audit Committee experience; not designated the audit committee financial expert (that designation is for Mr. Greer) .
Equity Ownership
| Metric | As of Feb 27, 2025 |
|---|---|
| Beneficial ownership (shares) | 326,903 |
| Ownership % of outstanding shares | <1% (“*” in proxy) |
| Options outstanding (Dec 31, 2024) | 342,750 |
| Options exercisable within 60 days (Feb 27, 2025) | 292,750 |
Director stock ownership guideline: 3× annual board cash retainer; expected within five years of appointment. Board notes one non-executive director currently below guideline due to share price drop (name not disclosed) and may adjust guidelines accordingly; annual cap for non-employee director compensation value is $1,200,000 .
Shares pledged/hedged: Trading policy prohibits derivatives, short selling, and margin trading by employees; no pledging disclosed .
Insider Filings
| Event | Filing | Date | Notes |
|---|---|---|---|
| Annual director equity award (Form 4 timeliness) | Form 5 | Jan 17, 2025 | One report related to the director annual equity award for Ajer was not timely on Form 4 and later reported on Form 5 |
Governance Assessment
- Board effectiveness: Ajer serves on both Audit and Compensation committees, indicating high engagement across financial oversight and pay governance; independence affirmed; attendance met required thresholds .
- Alignment and incentives: Director pay mix emphasizes equity options with 1-year vesting and change-of-control acceleration; guidelines target meaningful ownership, though market volatility impacted at least one director’s compliance; clawback policy covers awards .
- Conflicts and interlocks: No related-party transactions involving Ajer disclosed; committee interlock statement reports no interlocks or insider participation in 2024 .
- RED FLAGS: Late Section 16 filing for the annual director equity award (remediated via Form 5), which is a procedural issue rather than a substantive governance breach .