Ironwood Pharmaceuticals, Inc. announced on October 12, 2026, that Tammi Gaskins has been appointed as the company's Chief Executive Officer, effective January 1, 2027. Ms. Gaskins, who currently serves as the company's Senior Vice President and Chief Commercial Officer, will also be elected to the Board of Directors at the same time. The Board of Directors increased its size from eight to nine directors to accommodate the new appointment.
Ms. Gaskins will receive an annual base salary of $775,000 and will have an individual bonus target of 75% of her annual base salary. Additionally, she will receive a grant of restricted stock units (RSUs) and performance-based restricted stock unit awards (PSUs). The target grant value for the RSUs is approximately $2,000,000, and the target grant value for the PSUs is also approximately $2,000,000. The RSUs will vest over four years, with 25% vesting on each approximate anniversary of the grant date. The vesting terms and performance period for the PSUs are expected to be determined in 2027.
The current Chief Executive Officer, Thomas McCourt, notified the Board of his decision to retire on October 12, 2026. Mr. McCourt will step down from his role on December 31, 2026, following 17 years of service to the company, including five years as CEO. He will remain a member of the Board of Directors and plans to enter into a consulting agreement effective January 1, 2027, with an anticipated consulting fee of $10,000 per month.
In connection with her appointment, Ms. Gaskins will enter into an amended and restated executive severance agreement. Under this agreement, in the event of a qualifying termination, she would be entitled to a lump-sum payment equal to 18 months of her base salary, a lump-sum payment equal to her actual bonus for the prior year, a lump-sum payment equal to her target cash bonus for the year of termination, prorated based on the time worked, and up to 18 months of subsidized COBRA coverage benefits. If the termination constitutes a Change of Control Termination, the severance benefits would increase to 24 months of base salary and a target cash bonus multiplied by 2.0.
