G1 Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on therapies for cancer patients, announced Wednesday its CEO Mark Vellecca will step down next year, according to an 8-K filing.
On Jan 1, Velleca, who has served as CEO since 2014, will transition to senior advisor and remain on the board of directors, the filing stated. Meanwhile, John “Jack” E. Bailey, Jr. will assume the role of president and CEO.
Bailey, 56, has served on the company’s board of directors since March 2020. He’s spent nearly 30 years in the commercial pharmaceutical industry with senior leadership positions at Eli Lilly and most recently serving as president of GlaxoSmithKline’s pharmaceuticals and vaccines business in the U.S.
“Jack has a deep understanding of the business through his tenure on the G1 board, and his appointment as CEO is the result of a thorough succession planning process. He brings extensive global leadership experience, a proven track record and tremendous knowledge of our industry. I am confident that under Jack’s stewardship, the company will continue to thrive and become a profitable commercial entity,” said G1 Board of Directors Chairman Garry Nicholson.“On behalf of the entire board, I want to thank Mark for his extraordinary leadership and his unwavering commitment to patients. G1 will continue to benefit from Mark’s scientific and clinical expertise as an advisor and director,” Velleca said in a statement.
According to the filing, Bailey will receive an initial base salary of $735,000 and is eligible to receive an additional discretionary bonus of up to 50 percent of his current salary. He will receive stock options to purchase 320,000 shares of common stock at an exercise price equal to the closing price of common stock on the Nasdaq Global Select Market on Dec. 31 and 213,333 restricted stock units.
Bailey is a board member of Embargo Therapeutics and previously served on the boards of PhRMA and the North Carolina Biotechnology Center.
Bailey earned a bachelor’s degree in biology from Hobart College and an MBA from the University of North Carolina at Chapel Hill.
Shares of G1 Therapeutics, Inc. (GTHX) were up 28 cents, or 2.4 percent, near $11.95 on Friday.
