Targacept Inc. (NASDAQ: TRGT) today announced management changes that include the formation of an Office of the Chairman led by Mark Skaletsky, Chairman of Targacept’s Board of Directors. The Office of the Chairman will assume the responsibilities of J. Donald deBethizy, Ph.D., who is stepping down as President and Chief Executive Officer and has resigned from Targacept’s Board of Directors. Dr. deBethizy will assist in the transition, serving as special advisor to Mr. Skaletsky. A search for a new chief executive officer will begin immediately.
“Targacept’s Board of Directors has created the Office of the Chairman to guide the Company’s strategic direction, resource allocation and pipeline development,” said Mr. Skaletsky. “The three executives appointed to the Office bring substantial business, financial, legal and industry expertise, and the Board feels that they comprise an excellent team to lead Targacept at this time.”
“On behalf of the Board and the entire Targacept team, I want to recognize Don for his vision, leadership and unparalleled passion that guided Targacept's inception and evolution. He has been instrumental in Targacept’s many business and scientific accomplishments, and we thank him,” added Skaletsky.
“I am proud of what we have built at Targacept over the years and continue to believe strongly that the company will do great things,” said Dr. deBethizy. “It has been an honor to have worked with such high caliber people during my tenure. While I have decided to step down for personal considerations, I leave Targacept well positioned with a talented management team and workforce, diverse Phase 2 first-in-class product candidates, well developed science and a strong balance sheet. Targacept is in good hands.”In addition to Mr. Skaletsky, the members of Targacept’s new Office of the Chairman are:
- Jeffrey P. Brennan, Senior Vice President, Business and Commercial Development and Chief Business Officer of Targacept;
- Alan A. Musso, C.P.A., C.M.A., Senior Vice President, Finance and Administration, Chief Financial Officer and Treasurer of Targacept; and
- Peter A. Zorn, Esq., Senior Vice President, Legal Affairs, General Counsel and Secretary of Targacept.
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