Osiris Therapeutics, Inc. (NASDAQ:OSIR) has recently filed a form 8-K with the SEC, informing the regulatory body of the appointment of a new CEO, an independent director and the departure of the current COO. The board of directors had appointed Dwayne Montgomery as the interim CEO of the company, on March 3. Mr. Montgomery will also assume the role of president and director of Osiris. Furthermore, the company has also announced that he would stand for re-election to the board, during the 2016 Annual Stockholders meeting of the company.

Montgomery has been with the company, since April 2014 and has served as the general manager of Orthopedics and Sports Medicine and as the Chief Business Officer for Osiris as well. Furthermore, the new CEO also has over 20-years of experience in the management of commercial and business development.

The 8-K also stated that the base salary of the new CEO would be set as $300,000. Added to this, Mr. Montgomery would be given a stock option, to purchase 10,000 shares of the company and would be awarded bonuses, depending on his performance in 2016.

Also stated in the 8-K was the appointment of Thomas M. Brandt, as an independent director of the company. He would be working with the audit committee and would stand for re-election at the 2016 Annual Meeting of Stockholders. He would be compensated, as per the company policies.

Additionally, Osiris has also decided to eliminate the position of COO at the company. As such, the responsibilities of the COO would now be assumed by the CEO instead. The company has stated that the move is targeted at improving customer relations and is part of the company’s internal restructuring. This also means that the COO, Frank Czworka, would be leaving the company, the position was terminated on March 6.

Osiris Therapeutics, Inc. (NASDAQ:OSIR) lost 10.99% of its share value to reach a close at $5.75, at the end of the March 9 trading session.