Mallinckrodt (MNK) Announces Board and Leadership Updates

Mallinckrodt plc (OTC: MNKTQ), a global specialty pharmaceutical company, today announced the appointments of Paul Bisaro, Katina Dorton, Abbas Hussain and Wesley Wheeler to its Board of Directors, effective immediately. Mr. Bisaro has also been reappointed to his previous role as Board Chair. In addition, the Company announced that Siggi Olafsson has entered into a new employment agreement and will continue in his roles as Mallinckrodt's President and Chief Executive Officer and a member of the Board.

Mr. Olafsson said, "The actions we took in 2023 have made Mallinckrodt a stronger company. As we move forward with renewed determination to help serve public health needs and deliver for our patients, we are thrilled to welcome back Paul as Board Chair. He brings deep familiarity with our business and our team, and we know we will benefit greatly from his insights. We are equally pleased about the appointments of Katina, Abbas and Wes. Our ability to attract these accomplished directors is a testament to what we have achieved so far and the opportunities ahead for Mallinckrodt."

Select professional highlights of Mallinckrodt's new directors include:

• Paul Bisaro is a healthcare industry leader with more than three decades of leadership experience at generic and branded pharmaceutical companies. He served as Mallinckrodt's Board Chair from June 2022 to November 2023. Mr. Bisaro previously served as President, CEO and a director of Impax Laboratories, Executive Chairman of Amneal Pharmaceuticals, Executive Chairman of Allergan, President and CEO of Actavis (formerly Watson Pharmaceuticals), and President, Chief Operating Officer and a director of Barr Pharmaceuticals. Mr. Bisaro serves on the boards of Zoetis and Myriad Genetics and previously served on the boards of TherapeuticsMD and Zimmer Biomet.
  
• Katina Dorton has more than 20 years of finance and healthcare experience across fundraising, mergers and acquisitions, and business development, most recently serving as Chief Financial Officer of NodThera, a private biotechnology company. She previously served as CFO of Repare Therapeutics, AVROBIO and Inmatics and, earlier in her career, was a healthcare investment banker at Morgan Stanley and Needham. Ms. Dorton serves on the boards of Fulcrum Therapeutics and TScan Therapeutics and previously served on the boards of Pandion Therapeutics and US Ecology, among others.
  
• Abbas Hussain has more than 30 years of leadership and operating experience in healthcare, most recently serving as CEO of Vifor. He previously served as GlaxoSmithKline's Global President, Pharmaceuticals & Vaccines, and, earlier in his career, in various leadership roles at Eli Lilly and Company. Mr. Hussain also has served on the boards of Teva Pharmaceuticals, Aspen Pharmacare, Vifor, ViiV Healthcare and Cochlear, among others.
  
• Wes Wheeler has more than 40 years of diversified leadership experience in healthcare, including business turnarounds and transformations, manufacturing, marketing, engineering, R&D and supply chain. He is currently a Pharmaceutical Services Consultant to KKR. He previously served as President of UPS Healthcare and its subsidiary Marken LLP, CEO, President and a director of Patheon (now a Thermo Fisher Scientific company), and President, R&D and Global Manufacturing at Valeant Pharmaceuticals. Earlier in his career, he held various leadership roles at GlaxoSmithKline and ExxonMobil in engineering, marketing and manufacturing.

Mr. Bisaro said, "Mallinckrodt plays an important role addressing unmet patient needs and providing therapies with high clinical value. I am pleased to rejoin the Board and once again work alongside Siggi, the Executive Committee, as well as my colleagues on the Board of Directors, to continue this meaningful work and further improve execution and performance. We are all fully focused on unlocking Mallinckrodt's full potential and delivering benefits to patients, employees, shareholders and all other stakeholders."

With the appointment of Messrs Bisaro, Hussain and Wheeler and Ms. Dorton, Mallinckrodt's Board comprises seven directors. In addition to Mr. Olafsson, the other incumbent directors are David Stetson and Jon Zinman, who were appointed in November 2023.

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