Posted 27 July, 2023

MARAVAI LIFESCIENCES HOLDINGS, INC. appointed William "Trey" Martin, III as new CEO

Nasdaq:MRVI appointed new Chief Executive Officer William "Trey" Martin, III in a 8-K filed on 27 July, 2023.

  Appointment of William "Trey" Martin, III as Chief Executive Officer  

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Health Care/Life Sciences • Biotechnology
Maravai Lifesciences Holdings, Inc. is a life sciences company. It is engaged in providing products to enable the development of drug therapies, diagnostics, and novel vaccines and to support research on human diseases. The firm operates through the following segments: Nucleic Acid Production and Biologics Safety Testing. The Nucleic Acid Production segment focuses on the manufacturing and sale of highly modified nucleic acids products to support the needs of customers’ research, therapeutic and vaccine programs. The Biologics Safety Testing segment focuses on manufacturing and selling biologics safety and impurity tests and assay development services that are utilized by its customers in their biologic drug manufacturing activities. The company was founded by Eric Tardif and Carl W. Hull in March 2014 and is headquartered in San Diego, CA.
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Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of William "Trey" Martin, III as Chief Executive Officer 

On July 27, 2023, William "Trey" Martin, III assumed the role of Chief Executive Officer ("CEO") of Maravai LifeSciences Holdings, Inc. (the "Company" or "Maravai"), as contemplated under the Company's previously-reported CEO succession plan. Mr. Martin will continue to receive the same, previously-disclosed compensation package he had while serving as President of Maravai's Biologics Safety Testing segment. Mr. Martin ceased serving as President of Maravai's Biologics Safety Testing segment upon his appointment as CEO.

Prior to the aforementioned appointment, Mr. Martin, age 48, served as the Company's President for its Biologics Testing operating division, a position to which he was appointed on December 5, 2022. Prior to that, he served as the Company's CEO from September 30, 2022 to October 18, 2022, and was on a leave of absence from October 18, 2022 until his appointment as President of the Biologics Testing operating division. Prior to joining Maravai, Mr. Martin was Senior Vice President, New Business - Genomic Medicine at Danaher Corporation ("Danaher"), a global science and technology company, where he served as from July 2021 to July 2022. Mr. Martin joined Danaher in 2018 in connection with its acquisition of Integrated DNA Technologies ("IDT"), a supplier of custom nucleic acids, where he served as President of the IDT business under Danaher's ownership from April 2018 to July 2021. Prior to the acquisition, Mr. Martin served in a variety of roles at IDT since March 1994 and was Chief Operating Officer at the time of the acquisition by Danaher. Mr. Martin holds a Bachelor of Science degree in biochemistry from the University of Iowa.

Transition of Carl W. Hull from Interim Chief Executive Officer to Executive Chairman

Concurrently with the appointment of Mr. Martin as CEO, Carl W. Hull ceased to serve as interim CEO of the Company. Mr. Hull will continue to serve as Executive Chairman of the Board.

In connection with this transition, the Company amended its employment agreement with Mr. Hull (the "Amendment"), effective as of July 27, 2023 (the "Effective Date"). Commencing on the date of the start of the first payroll period beginning after the Effective Date, Mr. Hull's annualized base salary will decrease to $500,000, and his target annual bonus amount will equal 100% of his annualized base salary in 2024 and subsequent years (for 2023, his target annual bonus amount will remain $757,667). Except as amended pursuant to the Amendment, all of the other terms of Mr. Hull's employment with the Company remain unchanged and are as set forth in Mr. Hull's Amended and Restated Employment Agreement with the Company, dated as of May 8, 2023, as previously disclosed in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2023. 

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.