Moderna’s Bancel Steps Down as Sales Chief, Keeps CEO Role

By Gerry Smith

Published: November 05, 2024 at 12:02PM EST

Stephane Bancel, chief executive officer of Moderna Inc., at the company's headquarters in Cambridge, Massachusetts, US, on Tuesday, March 26, 2024. The forthcoming RSV shot, expected to get US regulatory approval this month, is Moderna's first chance to show the versatility of mRNA technology to more effectively treat and prevent a range of illnesses from the flu to cancer. It will be the first mRNA product for something other than Covid. (Adam Glanzman/Bloomberg)

(Bloomberg) -- Stephane Bancel is stepping down as chief commercial officer of Moderna Inc., according to a person familiar with the matter. He will remain chief executive officer of the biotech company.

Moderna President Stephen Hoge will assume responsibility of sales as well as medical and research affairs, according to the person, who wasn’t authorized to speak publicly.

Moderna is trying to find a path to profitability in the wake of disappointing vaccine sales. In September, the company said it aims to reduce its research and development budget by about 20% over the next three years and pushed back its target to break even by two years, to 2028.

Moderna shares fell as much as 2.7% as of 12:02 p.m. in New York, and had lost 46% this year through Monday’s close.

Bancel had led sales and marketing after the company announced in December that Arpa Garay was leaving.

Moderna sells two products — a vaccine for Covid and another for RSV. The company has struggled as the pandemic faded and its new RSV vaccine has gotten off to a slow start.

(Updates with shares and background starting in third paragraph)