Timing of CFO resignation says end of month/end of quarter exit. New Board member, Mr. Morrow, has taken over compensation committee control for Vical. Note he has VERY recent operational responsibility at Amgen.... a major global biopharma. IMO Vical's Board is moving towards big news and big change assuming success with strategic programs.
If you go to the Profile link on Yahoo! you will see that Ms. Broadfoot , age 51, was being paid $440.00k. Do you think Mr. Morrow thought that was a little high? Speaking of "a little high", VJ pulls down $896.00k.
Other than personal reasons for her resignation, I can not understand why a person of her age would voluntarily give up such a high paying position.
CFO's leave for various reasons. Ms. Broadfoot stuck with Vical for many years and was promoted and paid handsomly. She avoided financial surprises in a volatile situation for a high Beta biotech. Maybe she was offered something sweeter with a less stressful situation. Maybe she's made enough to retire early (once all options are exercised). Maybe she was "excused" because a changing of the guard is starting. Time will tell. Patience.