XBiotech Announces John Simard To Retire As CEO, To Continue As Chairman; Sushma Shivaswamy Appointed Interim CEO

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

XBiotech, Inc. ("XBiotech" or the "Company") announces that John Simard notified members of the Board of Directors beginning on December 5, 2025 of his intent to retire from his role as President and Chief Executive Officer of the Company, effective as of December 8, 2025. Mr. Simard will continue to serve as Chairman of the Board of Directors. Sushma Shivaswamy, 47, who has served as XBiotech's Chief Scientific Officer since November 2017, has been appointed to serve as the Company's interim CEO effective December 8, 2025. She will also continue to serve in the role as Chief Scientific Officer. Her annual base salary will be increased to $750,000 while she serves in these roles, with a bonus structure and a full remuneration package to be determined by the Compensation Committee at a later time.

 

Mr. Simard will continue to provide guidance and assistance to the Company with respect to its clinical, scientific, and strategic initiatives in a consulting role pursuant to Section 8(c) of Mr. Simard's Executive Employment Agreement, which was previously filed as Exhibit 10.1 to the Company's October 3, 2025 Form 8-K, and which sets forth the compensation for that role. The Company intends to pay the Severance Amount described in Section 8(b) of the Executive Employment Agreement within the time period specified in that provision.

 

The Board thanks Mr. Simard for his 21 years of leadership, looks forward to his continued support of the Company's mission in his new role, and is confident that Dr. Shivaswamy will lead the Company seamlessly during the interim period before a permanent CEO is appointed. There are no arrangements or understandings between Dr. Shivaswamy and any other persons pursuant to which she was selected as an officer. Dr. Shivaswamy has no family relationships with any of the Company's directors or executive officers. There are no transactions involving the Company and Dr. Shivaswamy that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.