Chris Stevens
About Chris Stevens
Christopher “Chris” Stevens, age 45, was appointed Chief Operating Officer (COO) of Rocket Pharmaceuticals on July 7, 2025, after over two decades leading global operations, manufacturing, supply chain, product strategy and quality across gene therapy and biopharma at Spark Therapeutics, GlaxoSmithKline and Bristol Myers Squibb. He holds an M.S. in Industrial Management (University of Southern Indiana) and a B.S. in Chemical Engineering (Purdue University), and serves as President of the Board at A Haven, a non-profit family grief center . Company pay-versus-performance disclosures show Rocket’s 2024 total shareholder return (TSR) at 55.23 vs 131.68 in 2023 and net loss of $258.7 million in 2024, framing the operational and execution backdrop during his initial tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Spark Therapeutics | EVP & Chief Patient Supply Officer | 2022–Jul 2025 | Led end-to-end gene therapy manufacturing, supply, quality, engineering, compliance and facilities; operational delivery for patient supply |
| Spark Therapeutics | Head of Manufacturing | Feb 2017–Apr 2020 | Oversaw manufacturing through approval and launch of Luxturna in U.S. and EU |
| Spark Therapeutics | Hemophilia A Asset General Manager | Apr 2020–May 2022 | Led program strategy/execution for hemophilia A portfolio |
| Spark Therapeutics | Head of Product Strategy | May 2022–Oct 2022 | Oversaw portfolio-wide product strategy |
| GlaxoSmithKline | Sr. Director roles (Strategy, Ops & Planning; GMP manufacturing) | Jan 2013–Feb 2017 | Led strategy/operations planning and GMP clinical manufacturing (process transfer, cell banking) |
| Bristol Myers Squibb | Process Engineering, Manufacturing & Supply Chain | Jun 2001–Jan 2013 | Increasing responsibility across manufacturing/supply chain across U.S. and Puerto Rico |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| A Haven (non-profit family grief center) | President of the Board | Current | Community leadership; governance of family grief services in Chester County, PA |
Fixed Compensation
| Component | Amount/Terms | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $525,000 | Jul 7, 2025 | Per Executive Employment Agreement |
| Target Annual Bonus % | 45% of base salary | FY 2025 onward | Performance-based; Compensation Committee determines goals/payouts |
| Sign-On Bonus | $250,000 lump sum | ~30 days post-start | Paid if active at payment date |
Performance Compensation
- Annual cash incentive aligned to company and individual performance goals set by the Compensation Committee; Rocket funds annual incentives vs corporate objectives and adjusts based on individual achievements .
- No executive pension/SERP or tax gross-ups; clawback applies to incentive cash/equity; hedging prohibited; pledging not permitted without prior Board approval .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (COO) | Not disclosed | 45% of base salary target | Not disclosed | Not disclosed | Cash, paid following fiscal year based on goals |
Equity Ownership & Alignment
| Item | Detail | Vesting/Triggers | Notes |
|---|---|---|---|
| New Hire Equity | ~$2,500,000 total value; 50% options, 50% RSUs | 1/3 on first anniversary; remaining 2/3 in eight quarterly installments over following two years | Subject to continued employment |
| Additional Equity (time-based) | $500,000 aggregate value | Granted on first Monday of month following one-year anniversary; 50% options / 50% RSUs | Uses closing price on grant date |
| Ownership Guidelines | Executives required to hold equity ≥ 1x base salary; 5-year phase-in; share retention obligations if below required level | Ongoing | Policy applies to all executive officers |
| Clawback | Mandatory recovery of certain cash/equity compensation upon restatement and for misconduct/gross negligence | Ongoing | Sarbanes-Oxley §304 and Nasdaq Rule 5608-compliant |
| Hedging/Pledging | Hedging prohibited; pledging requires prior Board approval | Ongoing | Governance safeguard to alignment |
Beneficial ownership details (shares owned, options exercisable/unexercisable, RSUs outstanding) for Stevens were not included in the April 21, 2025 ownership table (pre-appointment). NEO ownership presented does not include him .
Employment Terms
| Term | Detail | Notes |
|---|---|---|
| Start Date & Role | July 7, 2025; Chief Operating Officer | Appointed via Item 5.02 8‑K |
| Severance (qualifying termination) | 9 months of base salary + 9 months of Company-paid COBRA (subject to release) | Qualifying termination includes termination by Company without Cause or resignation for Good Reason |
| Change-of-Control & Equity | Company policy prohibits single-trigger vesting; equity accelerates upon termination without Cause/for Good Reason within 12 months following a Sale Event (double trigger) under 2014 Plan | Applies broadly to named executive officers and equity award agreements under Rocket’s 2014 Plan |
| Bonus Determination | Compensation Committee sets annual performance goals; payout based on goals and individual contribution | Company-wide policy |
| Dispute Resolution | New Jersey courts and U.S. District Court, District of NJ (example from executive agreements) | Illustrative of Rocket’s executive agreements governance terms |
Track Record, Value Creation, and Execution Risk
- Stevens’ operating pedigree includes launching Luxturna at Spark and system-scale leadership across the CMC/supply chain continuum—skills directly relevant to Rocket’s AAV cardiovascular platform prioritization and late-stage transitions .
- Rocket’s restructuring (July 2025) reduced headcount ~30% and 12‑month opex by ~25%, with runway into 2Q 2027, elevating execution risk around program focus and commercialization readiness—areas under COO purview .
- Recent leadership additions (CMO, COO, Chief Commercial & Medical Affairs) align organizational capabilities for late-stage development and anticipated commercialization .
Compensation Structure Analysis
- Pay mix: Significant at-risk pay through multi-year equity cadence (initial ~$2.5M grant, plus $500k follow-on), aligning value with stock performance and retention through staggered vesting .
- Governance safeguards: No single-trigger equity vesting; clawback policy; hedging ban; pledging restricted—reducing misalignment risk .
- Peer benchmarking and consultant: Semler Brossy and compensation peer group used to calibrate pay; reinforces market discipline .
Say‑on‑Pay & Shareholder Feedback
- 2024 Say‑on‑Pay approval ~98.4% of votes cast—strong support for compensation program design and governance .
Investment Implications
- Near-term vesting calendar suggests potential liquidity/selling pressure around 12‑month cliff (summer 2026) and thereafter quarterly tranches; monitor Form 4 activity and scheduled sales plans for signals. The $500k follow‑on grant timing also creates an additional vest cadence to track .
- Alignment/retention: Double-trigger equity acceleration and severance provide downside protection yet retain executives through transaction uncertainty; combined with ownership guidelines and clawbacks, overall alignment is solid .
- Execution lens: Stevens’ manufacturing/supply expertise is a positive leading indicator for Rocket’s AAV cardiovascular prioritization and commercialization build-out amid restructuring; performance bonuses tied to corporate goals create incremental pay-for-performance alignment .