Pierre Gravier
CASSAVA SCIENCESAbout Pierre Gravier
Pierre Gravier (age 40) is an independent Class II director of Cassava Sciences, serving since December 2023; he is the Chief Financial Officer of PTC Therapeutics, Inc. (public) since July 2023 and previously was a Managing Director in healthcare at Perella Weinberg Partners from 2013 to July 2023 . He holds a Master’s Degree in Finance from ESCP Business School and a Master of Science in Bioengineering from the University of Technology of Compiègne, and is designated an audit committee financial expert, reflecting finance and biopharma transaction expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Perella Weinberg Partners (Healthcare Group) | Managing Director | 2013 – July 2023 | Strategic and financial advisory (M&A, financing) for biopharma clients |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| PTC Therapeutics, Inc. (NASDAQ: PTCT) | Chief Financial Officer | July 2023 – present | Public biotech CFO; no board seat disclosed |
Board Governance
- Committee assignments: Audit Committee Chair; Audit Committee members are Gravier (Chair), Robert Z. Gussin, Ph.D., and Robert Anderson, Jr.; Audit met six times in 2024 .
- Independence: Board determined all directors except the CEO (Richard Barry) are independent under Nasdaq; all members of the Audit, Compensation, and Nominating & Governance Committees are independent .
- Attendance: In fiscal 2024, the Board held 10 meetings and independent directors met twice; each director attended at least 75% of Board and committee meetings during service periods .
- Board leadership: Roles of Chair and CEO are separated; Claude Nicaise, M.D. serves as independent Chair, enhancing oversight and accountability .
- Term/classification: Gravier is Class II, serving until the 2026 annual meeting under current 3‑class structure; proposal to reduce classes from three to two was put to shareholders in 2025 .
Fixed Compensation
| Component | 2024 Structure | 2025 Proposed Amendments (effective upon shareholder approval, May 23, 2025) |
|---|---|---|
| Annual cash retainer | $10,000 | $40,000 |
| Board Chair additional retainer | N/A | +$30,000 |
| Committee chair cash fees | None (committee service compensated in options) | Audit Chair: $15,000; Compensation Chair: $10,000; Nominating & Governance Chair: $8,000 |
| Committee member cash fees | None | Audit member: $7,500; Compensation member: $5,000; Nominating & Governance member: $4,000 |
| Meeting fees | Not disclosed / none | Not disclosed |
Notes:
- In 2024, non-employee directors were eligible for a $10,000 cash retainer; committee service did not carry cash fees .
- The 2025 amendments were recommended after a Pearl Meyer peer review (20 biotech peers, $50–$500mm market caps) to align pay at the 50th percentile; all changes require shareholder approval .
Performance Compensation
| Equity Component | Grant Details | Vesting | Individual (Gravier) Fair Value/Status |
|---|---|---|---|
| Initial option grant (2023 program) | 20,000 options (new directors) | Monthly over 36 months | 2023 option awards fair value: $471,998 |
| Annual option grant (2024/2025 under existing program) | 10,000 options | Monthly over 12 months | 2024 option awards fair value: $202,913 |
| Committee option grant (existing program) | 2,500 (one standing committee) or 5,000 (two+) | Monthly over 12 months | Included in 2024 grant structure (aggregate reflected in fair value) |
| 2025 Amended annual option grant | 26,500 options (all non-employee directors) | Monthly over 12 months | Fair value determinable at grant; not set ex ante |
| 2025 Amended initial grant (new directors) | 53,000 options | Monthly over 36 months | N/A |
Additional terms:
- Options under the director program carry a 10-year term with exercise price at grant-date fair market value .
- As of Dec 31, 2024, total stock options outstanding for Pierre Gravier were 30,000 .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlock/Conflict |
|---|---|---|---|
| PTC Therapeutics, Inc. | CFO | Not disclosed | External executive role; no related-party transactions disclosed involving Gravier |
No other public company directorships for Gravier are disclosed in SAVA’s proxies .
Expertise & Qualifications
- Qualifications: Finance/M&A (Perella Weinberg healthcare MD), current biotech CFO, audit committee financial expert designation .
- Education: Master’s in Finance (ESCP); M.S. Bioengineering (UTC) .
- Board skills matrix: Company lists Gravier’s key qualification as biopharma M&A and financing expertise .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Composition/Notes |
|---|---|---|---|
| Pierre Gravier | 19,444 | <1% | Represents options exercisable within 60 days of March 27, 2025 |
| Options outstanding (12/31/2024) | 30,000 | N/A | Total director options outstanding at year-end |
Policy and alignment notes:
- No stock ownership guidelines for directors or executives; insider trading policy prohibits hedging and pledging unless approved by Compliance Officer .
- Company states it is unaware of pledging arrangements that could lead to change of control .
Governance Assessment
- Board effectiveness: Gravier’s audit chair role and “financial expert” designation strengthen financial oversight; Audit met six times in 2024 and issued its report signed by Gravier as Chair .
- Independence and attendance: Board and committee independence standards are met; attendance thresholds met, supporting engagement .
- Compensation alignment: Director pay historically low (cash retainer $10k) moved to peer-median structure with greater cash and standardized annual options, eliminating committee option grants—improves competitiveness and clarity but still relies on options rather than RSUs .
- Shareholder signals: 2024 say-on-pay passed with ~83% approval; 2024 meeting votes: For 9,403,571; Against 1,338,907; Abstain 526,173; broker non-votes 15,710,817 .
- Related-party oversight: Significant legal fees paid to Orrick (director O’Donnell’s firm) in 2024 ($2.343m) and 2023 ($4.489m); Board assessed independence and transactions were below 1% of firm revenue, not a related-party transaction under SEC rules—still a governance sensitivity requiring continued Audit Committee oversight .
- Structural governance: Separation of Chair and CEO roles post-2024 enhances accountability; proposal to declassify from 3 to 2 classes (requiring 66 2/3% vote) indicates responsiveness to shareholder governance preferences .
RED FLAGS
- No director/executive stock ownership guidelines—potential misalignment risk versus best practice .
- Ongoing related-party legal services (Orrick) at material dollar amounts—Board has mitigations, but remains a monitoring point .
- Low historical director cash compensation; the 2025 program aims to remedy recruitment/retention risks, pending shareholder approval .
Overall, Pierre Gravier’s audit leadership, financial expertise, and external CFO experience bolster board oversight quality. His independence, engagement, and low personal ownership (<1%) are consistent with SAVA’s policies; adoption of the amended director compensation program would improve competitiveness and potentially attract similarly qualified directors while reducing equity complexity from committee option grants .