Targacept (TRGT) Forms New Office of Chairman Unit; CEO J. Donald deBethizy Stepping Down

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Targacept Inc. (Nasdaq: TRGT) announced management changes that include the formation of an Office of the Chairman led by Mark Skaletsky, Chairman of Targacept’s Board of Directors. The Office of the Chairman will assume the responsibilities of J. Donald deBethizy, Ph.D., who is stepping down as President and Chief Executive Officer and has resigned from Targacept’s Board of Directors. Dr. deBethizy will assist in the transition, serving as special advisor to Mr. Skaletsky. A search for a new chief executive officer will begin immediately.

In addition to Mr. Skaletsky, the members of Targacept’s new Office of the Chairman are:

• Jeffrey P. Brennan, Senior Vice President, Business and Commercial Development and Chief Business Officer of Targacept;
  
  
• Alan A. Musso, C.P.A., C.M.A., Senior Vice President, Finance and Administration, Chief Financial Officer and Treasurer of Targacept; and
  
  
• Peter A. Zorn, Esq., Senior Vice President, Legal Affairs, General Counsel and Secretary of Targacept.

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