Investing.com --Ironwood Pharmaceuticals Inc (NASDAQ: IRWD) shares fell 3.7% Friday following the company's announcement that Chief Commercial Officer Tammi Gaskins will replace Tom McCourt as Chief Executive Officer, effective January 1, 2027.

McCourt will retire from his CEO position after 17 years with the company, though he will remain on the Board of Directors. The leadership transition comes as Ironwood works to maintain momentum with its blockbuster drug LINZESS and advance its late-stage pipeline.

Gaskins joined Ironwood in 2020 and has served as Chief Commercial Officer, playing a role in establishing LINZESS as the number one prescribed brand in the U.S. for treating irritable bowel syndrome with constipation and chronic idiopathic constipation. She has also led commercial development efforts for apraglutide, a once-weekly GLP-2 analog in Phase 3 development for adults with short bowel syndrome with intestinal failure.

Prior to Ironwood, Gaskins held commercial leadership roles during a 20-year tenure at AstraZeneca.

McCourt joined Ironwood as its first Chief Commercial Officer and became CEO in 2021. During his tenure, he led the acquisition of VectivBio, which brought apraglutide to Ironwood's pipeline. Before Ironwood, McCourt worked at Merck, Astra Merck, AstraZeneca, Novartis and Amgen.

Julie McHugh, Chair of the Ironwood Board of Directors, said the board selected Gaskins because she is a proven leader with understanding of the business and late-stage pipeline. McHugh noted Gaskins was instrumental in driving the turnaround of LINZESS this year, returning it to blockbuster status and growth.

The CEO transition will take place on January 1, 2027, giving the company over a year for the handover process.

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