Shares of Olema Pharmaceuticals Inc (NASDAQ:OLMA) fell 2.9% in after-hours trading on Friday after the company disclosed that Chief Operating and Financial Officer Shane Kovacs will be leaving his executive role.
The company said Kovacs will depart effective January 30, 2026, citing his intention to pursue new opportunities. He will continue to serve in a consulting capacity through August 1, 2026, providing transition support while the company seeks a permanent replacement.
In the interim, CEO Sean P. Bohen has assumed the responsibilities of Principal Financial Officer. The company stated it will immediately begin a search for a new Chief Financial Officer.
Commenting on Kovacs' tenure, Bohen said, "Since joining Olema in 2020, Shane has been a valuable member of our team, helping to lead and grow the Company as we have progressed palazestrant through late-stage clinical development and expanded our pipeline."
The announcement noted that Kovacs was instrumental in assembling the finance organization and in establishing a robust capital position for the company. Olema is a clinical-stage biopharmaceutical firm focused on developing targeted therapies for breast cancer.
Olema is progressing its lead candidate, palazestrant, through clinical trials while continuing efforts to broaden its portfolio of breast cancer treatments. The company did not provide additional detail in the release about the timeline for identifying a successor to Kovacs or about any interim changes to financial reporting processes beyond the CEO taking on the Principal Financial Officer duties.
Market reaction
The disclosure of the CFO departure coincided with a modest after-hours decline in the company’s stock price. Beyond the reported 2.9% drop, the company did not provide further market commentary or guidance tied to the leadership change.
Next steps
- Olema will conduct a search for a permanent Chief Financial Officer.
- Kovacs will remain available to the company as a consultant through August 1, 2026, to assist with transition matters.
- The CEO is performing the duties of Principal Financial Officer on an interim basis while the search is underway.
This article reports the company’s announcement and the market’s immediate reaction. It reflects the details the company provided about timing, interim arrangements, and the role Kovacs played in building its finance function and capital position.