New CEO came from Roche and quickly decided to lay off staff.
Gilead had no understanding of cell therapy and Roche person does not bring such experience. CAR T therapy at Kite was in trouble already under previous CEO. Now the CAR T therapy is facing multiple headwinds, so difficulties for Kite and Gilead have amplified. Th easiest solution is to layoff staff. Layoffs started in 2023 and will continue beyond the original announced number. Bad prospects for Kite and Gilead. New CEO would not help much.