Ironwood Pharma (IRWD) Announces CEO Transition

Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a GI-focused healthcare company, today announced that Mark Mallon plans to step down as chief executive officer and a member of the Ironwood Board of Directors in order to pursue another leadership opportunity, effective March 12, 2021. The Ironwood Board has named Thomas McCourt, Ironwood’s president, as interim CEO effective upon Mr. Mallon’s departure. Julie McHugh, Ironwood’s Board chair, will become executive chair of the Board of Directors effective upon Mr. Mallon’s departure and, in that capacity, will continue to lead the Board of Directors as well as provide counsel and guidance to the senior management team through the transition.

The Board plans to initiate a candidate search with the assistance of a leading executive search firm to identify Mr. Mallon’s permanent successor.

“On behalf of the entire Board, I want to thank Mark for his leadership during a transformative time in Ironwood’s history,” said Julie McHugh, chair of Ironwood’s Board. “The Board is confident that Ironwood is on the right path to long term value creation. The resilience and strength of LINZESS, especially during the COVID-19 pandemic, combined with continued profit and cash generation in 2020 provides a solid foundation for the future. With a strong bench of leadership talent and the support of the Board, we will strive to continue to build on our positive momentum while remaining true to our vision of becoming the leading GI-focused healthcare company in the U.S.”

Ms. McHugh continued, “Since joining Ironwood in 2009, Tom has been a key member of the leadership team and was critical to the successful launch and commercialization of LINZESS. Tom is a GI healthcare industry veteran with a deep understanding of Ironwood’s business, making him an ideal fit for this role as the Board conducts its search. I look forward to continuing to work with Tom and to lead the Board in my role as executive chair.”

Mr. McCourt said, “I look forward to serving as interim CEO as we work to execute our strategy of maximizing LINZESS, building an innovative GI development portfolio and delivering sustainable profits and cash. We are steadfast in our mission of advancing the treatment of GI diseases and redefining the standard of care for GI patients. With disciplined execution, we believe Ironwood is well positioned for 2021 and beyond.”

“I’m proud of the strong foundation we have built together, and Ironwood’s disciplined execution in 2020 underscores the outstanding focus and commitment of the entire Ironwood team,” said Mr. Mallon. “My decision to leave Ironwood was not easy, but I believe the chance to pursue multiple passions of mine is the right decision for me and my family. I have every confidence in Ironwood’s ability to continue driving growth in its efforts to deliver value for patients and shareholders with Tom at the helm.”

About Thomas McCourt

Tom McCourt joined Ironwood in 2009 and has served as president since April 2019. Prior to April 2019, he served as senior vice president of marketing and sales and chief commercial officer. Prior to joining Ironwood, Mr. McCourt led the U.S. brand team for denosumab at Amgen Inc. from April 2008 to August 2009. Prior to that, Mr. McCourt was with Novartis AG from 2001 to 2008, where he directed the launch and growth of ZELNORM™ for the treatment of patients with IBS-C and CIC and held a number of senior commercial roles, including vice president of strategic marketing and operations. Mr. McCourt was also part of the founding team at Astra-Merck Inc., leading the development of the medical affairs and science liaison group and then serving as brand manager for PRILOSEC® and NEXIUM®. Mr. McCourt serves on the board of directors of Acceleron Pharma Inc., including as a member of the audit committee and the chair of the nominating and governance committee, and on the board of trustees for the American Society of Gastrointestinal Endoscopy (ASGE). Mr. McCourt has a degree in pharmacy from the University of Wisconsin.

About Julie McHugh

Julie McHugh joined Ironwood’s board of directors in February 2014 and has served as the chair since April 2019. Ms. McHugh most recently served as chief operating officer for Endo Health Solutions, Inc., or Endo, from March 2010 through May 2013, where she was responsible for the specialty pharmaceutical and generic drug businesses. Prior to joining Endo, Ms. McHugh was the chief executive officer of Nora Therapeutics, Inc. Before that she served as company group chairman for the worldwide virology business unit of Johnson & Johnson, or J&J, and previously she was president of Centocor, Inc., a J&J subsidiary. While at J&J, Ms. McHugh oversaw the development and launches of several products, including Remicade® (infliximab), Prezista® (darunavir) and Intelence® (etravirine), and she was responsible for oversight of a research and development portfolio including compounds targeting HIV, hepatitis C, and tuberculosis. Prior to joining Centocor, Inc., Ms. McHugh led the marketing communications for gastrointestinal drug Prilosec® (omeprazole) at Astra-Merck Inc. She currently chairs the board of visitors for the Smeal College of Business of Pennsylvania State University as well as serves on the board of directors of Aerie Pharmaceuticals, Inc., Lantheus Holdings, Inc. and Trevena, Inc., all publicly held companies, and The New Xellia Group, a privately held company. She previously served on the board of directors for ViroPharma Inc., Epirus Biopharmaceuticals, Inc., the Biotechnology Industry Organization, the Pennsylvania Biotechnology Association and the New England Healthcare Institute. Ms. McHugh received her M.B.A. degree from St. Joseph’s University and her B.S. degree from Pennsylvania State University.

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