Kevin Koch leaving is only the beginning of the signs of a future endgame -- buyout or functional shift. Most likely his departure was instigated by the Board, and not necessarily by him -- it is his baby, but now that the Board is not controlled by him, he has less say about the direction of the company and his own status. In that respect, he is likely getting a very handsome departure "bonus"/"retirement package" of stock, cash, etc.
In broader respects, though, it is a sign that the company is shedding its "startup" roots, and will now be managed as an investment -- meaning the institutional players will ensure that the company maximizes its value and its attractiveness to suitors -- I see a 12 month window for a buyout or "offer they can't refuse". (Koch is not the first founder to have been kicked out/left -- so this is not a "I dont like where the company is going/I have no faith" type decision by him.
Why would anyone leave if a sale of the company is imminent? His options would double. Convictions are nice, but cashing in your options is better.
People leave companies because they are not happy, don't like the direction its going or they are fired. Now who is going to be CSO??
They may be readying for a buyout and these guys are leaving before rumors starts. As far as I understood, their departure doesn't take away from ARRY's pipelines . It could be that they have other interest and no bad blood. A better buying opportunity here right at these prices.
There are two bits of info out there, the jefferies news, and Koch leaving, which does not sound like buyout, more like turmoil. Koch is not only co founder but basically discovered and help develop the entire pipeline. A man like that is not easily replaced, I would prefer to see the ceo leave than the chief science office/founder.