08:31 AM EDT, 07/17/2024 (MT Newswires) -- Cassava Sciences ( SAVA ) said Wednesday its board appointed Richard Barry as executive chairman and principal executive officer, effective immediately, as the company launched a search for a new chief executive officer.

Barry, who has been a director at the company since June 2021, succeeds Remi Barbier, who resigned as CEO, chairman and president, but will continue in a non-executive capacity until Sept. 13, according to Cassava Sciences ( SAVA ).

The company said it plans to separate the chairman and CEO roles once a new CEO is appointed.

Cassava Sciences ( SAVA ) shares tumbled 36.2% in recent premarket activity.

Price: 8.63, Change: -4.90, Percent Change: -36.22