BOSTON–(BUSINESS WIRE)–Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD), a GI-focused healthcare company, today announced that the Board of Directors named Thomas McCourt, who has served as president and interim chief executive officer since March 12, 2021, as permanent chief executive officer. Mr. McCourt has also been appointed to serve on Ironwood’s Board. With the appointment of Mr. McCourt, the Board is now comprised of 11 directors.
Ironwood also announced that Gina Consylman plans to step down as senior vice president and chief financial officer, effective July 2, 2021, in order to pursue another leadership opportunity at a rare disease biotechnology company. Ms. Consylman’s resignation is not due to any disagreement with Ironwood on any matter relating to the Company’s financial reporting. Ironwood plans to initiate a search for Ms. Consylman’s permanent successor and intends to name an interim chief financial officer if a permanent successor has not yet been appointed by the date of Ms. Consylman’s departure.
“Following a comprehensive search process, the Board unanimously determined that Tom is the ideal person to lead Ironwood forward,” said Julie McHugh, chair of Ironwood’s Board. “Tom has been an exceptional leader as Ironwood has continued to execute on its strategy. We are fortunate to have an executive with his experience, deep knowledge of the company, and commitment to our patients and people. I look forward to working with him – along with our entire senior leadership team – as we focus on creating value for our shareholders.”
Ms. McHugh continued, “On behalf of the Board and everyone at Ironwood, I would also like to thank Gina for her outstanding leadership and significant contributions over the past seven years. She played an instrumental role in several highly strategic transactions, including our business separation in 2019 and launching the new GI-focused Ironwood as an independent company, and has helped the company to achieve its financial objectives. We appreciate Gina’s commitment to ensuring a seamless transition and we wish her all the best.”
Mr. McCourt said, “I am honored to be named permanent CEO and thank Julie and the Board for their guidance and support over the past several months. We have made steady progress on many of our key objectives, including the continued growth of LINZESS® (linaclotide) and building a strong financial position. I have great confidence in the exciting opportunities ahead for Ironwood and look forward to working with our exceptional team as we execute our strategy of maximizing LINZESS, building an innovative GI development portfolio and delivering sustained profits and generating cash.”
Mr. McCourt added, “I join Julie in expressing my thanks to Gina for her leadership and commitment to Ironwood. She built a strong and effective finance organization, and today, Ironwood is proud to have delivered two years of profitability, supported by a robust balance sheet and strong cash flows. She has been a trusted partner to me, and I know she will see continued success in her next role.”
“It has been a privilege to work at this incredible company since 2014,” said Ms. Consylman. “While decisions like this are never easy, I look forward to taking on new challenges and expanding my skill set in the next phase of my career. I leave with confidence knowing that we have a talented and dedicated finance team and a solid foundation in place to continue building on our positive momentum and delivering enhanced value for patients and shareholders. I plan to work closely with Tom and the leadership team to facilitate a smooth transition.”
About LINZESS (linaclotide)
LINZESS® is the #1 prescribed brand in the U.S. for the treatment of adult patients with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC), based on IQVIA data.
LINZESS is a once-daily capsule that helps relieve the abdominal pain, constipation and overall abdominal symptoms of bloating, discomfort and pain associated with IBS-C, as well as the constipation, infrequent stools, hard stools, straining and incomplete evacuation associated with CIC. The recommended dose is 290 mcg for IBS-C patients and 145 mcg for CIC patients, with a 72-mcg dose approved for use in CIC depending on individual patient presentation or tolerability. LINZESS should be taken at least 30 minutes before the first meal of the day.
