| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 3, 2024, Santosh Shanbhag submitted his resignation as Chief Financial Officer and Treasurer of Akili, Inc. (the “Company”), and as principal financial officer (“PFO”) and principal accounting officer (“PAO”) of the Company, in each case effective as of January 12, 2024 (the “Effective Date”), to pursue another business opportunity. Mr. Shanbhag’s resignation is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
Matthew Franklin, the Company’s President and Chief Executive Officer, will assume the duties of PFO and PAO of the Company on the Effective Date.
Mr. Franklin, 50, has served as the Company’s President and Chief Executive Officer and a member of the Company’s board of directors since October 2023. Prior to that, he served as the Company’s President and Chief Operating Officer from August 2022 to October 2023. Mr. Franklin served in the same capacity at legacy Akili from June 2022 until August 2022. Prior to joining the Company, from January 2021 to June 2022, Mr. Franklin served as General Manager of the Precision Oncology business unit at Exact Sciences Corp., a publicly traded molecular diagnostics company. From March 2020 to January 2021, Mr. Franklin served as Chief Commercial Officer of Thrive Earlier Detection Corp., a healthcare company, where he led the go-to-market strategy development for their multi-cancer early detection assay. From August 2018 to January 2020, Mr. Franklin served as Chief Business Officer of ArcherDX Inc., a growth-stage molecular diagnostics company, where he was responsible for establishing and scaling the global sales, customer support, marketing, market access, business development and corporate development teams. From March 2015 to July 2018, Mr. Franklin served as Senior Vice President of Global Marketing and Clinical Product Strategy of Foundation Medicine Inc., a molecular insights company which was acquired by Roche Holdings, Inc. in 2018. Mr. Franklin holds a B.A. in English Literature from Northwestern University and an MBA from the University of Michigan, Ann Arbor.
There are no arrangements or understandings between Mr. Franklin and any other person pursuant to which he will assume the duties of PFO and PAO of the Company. Mr. Franklin previously entered into an indemnification agreement on the Company’s standard form, a copy of which was filed with the Securities and Exchange Commission (the “SEC”) as Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-40558) on August 23, 2022. Other than Mr. Franklin’s employment arrangement with the Company, there have been no related party transactions between the Company and Mr. Franklin that would be reportable under Item 404 (a) of Regulation S-K. Mr. Franklin has no family relationship with any of the executive officers or directors of the Company. Mr. Franklin will not be eligible for any additional compensation as part of his new PFO and PAO duties.
