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Posted 12 July, 2023

Verastem, Inc. appointed Mr. Stuglik as new CEO

Nasdaq:VSTM appointed new Chief Executive Officer Mr. Stuglik in a 8-K filed on 12 July, 2023.


  In connection with the retirement of Mr. Stuglik, Daniel Paterson, 62, the Company's President and Chief Operating Officer, will be appointed to the position of President and Chief Executive Officer as of the Effective Date.  

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Overview of Verastem, Inc.
Health Care/Life Sciences • Biotechnology
Verastem, Inc. is a biopharmaceutical company, which engages in the development and commercialization of drugs for the treatment of cancer. The company was founded by Richard H. Aldrich, Michelle Dipp, Piyush Gupta, Satish Jindal, Eric S. Lander, Robert F. Weinberg, and Christoph H. Westphal on August 4, 2010 and is headquartered in Needham, MA.
Market Cap
$321M
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Verastem, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


Chief Executive Officer Transition


On July 7, 2023, Brian Stuglik notified Verastem, Inc. (the "Company)" of his decision to retire as Chief Executive Officer of the Company, effective July 31, 2023 (the "Effective Date"). In connection with Mr. Stuglik's retirement, he will be paid a cash bonus in the amount of $421,850 in recognition of his contributions to the Company's achievement of its 2023 fiscal year initiatives. Mr. Stuglik will remain on the Company's Board of Directors (the "Board") and will be eligible to receive annual cash retainer fees and an annual stock option grant in accordance with the Company's director compensation policy.


In connection with the retirement of Mr. Stuglik, Daniel Paterson, 62, the Company's President and Chief Operating Officer, will be appointed to the position of President and Chief Executive Officer as of the Effective Date. In connection with his appointment, Mr. Paterson will also be appointed to the Board, to serve as a Class III director. His term will expire at the Company's 2024 annual meeting of stockholders. Upon Mr. Paterson's appointment the Board increased the number of authorized directors from nine to ten.


Mr. Paterson remains subject to his previously disclosed, existing employment agreement, entered into as of March 1, 2012, and the Company expects to negotiate a new employment agreement with Mr. Paterson in connection with his appointment as Chief Executive Officer.


A press release announcing Mr. Stuglik's retirement and Mr. Paterson's appointment as President and Chief Executive Officer and a member of the Board and other matters is filed as Exhibit 99.1 hereto