Immunomedics, Inc. announced a newly reconstituted Board of Directors and the implementation of a leadership succession plan. Effective immediately, the company has appointed four new independent directors: Jason Aryeh, founder and managing general partner of JALAA Equities, LP; Dr. Geoffrey Cox, principal of Beacon Street Advisors LLC; Robert Forrester, President and Chief Executive Officer, Verastem, Inc; and Bob Oliver, President and Chief Executive Officer, Otsuka America Pharma, Inc.
Mr. Aryeh has been appointed to the additional position of Vice Chairman of the Board of Directors. In addition, each of these new independent directors will chair a Board committee, which will be composed entirely of independent board members. In connection with the appointment of the new independent directors, Don C. Stark and Mary E. Paetzold have retired from the Board, effective immediately. Effective June 30, 2017, Jason Aryeh will assume the role of Chairman of the Immunomedics Board. Dr. David M. Goldenberg, current Chairman, will transition his role, effective June 30, 2017. He will continue as a Board member and in his roles as Chief Scientific Officer and Chief Patent Officer. The board will immediately initiate a search for a new CEO, with the assistance of a leading, independent, executive search firm as it gains clarity on an outcome of its ongoing exploration of a partnership for IMMU-132. Cynthia Sullivan, Chief Executive Officer and President of the company, will step down upon the company's filing for Accelerated Approval of IMMU-132 to the Food and Drug Administration, which is expected to occur in mid-2017.