XBiotech Inc. has announced the appointment of Dr. Sushma Shivaswamy and Jan-Paul Simard as Co-Chief Executive Officers, effective October 23, 2026. The Board of Directors made the decision to split the role following the retirement of Founder John Simard, who previously served as Chairman, President, and CEO.
Dr. Shivaswamy, age 48, has been with the company for 17 years. She previously served as Chief Scientific Officer since 2017 and was named interim CEO in December 2025. In her new capacity, she will continue to hold the title of Chief Scientific Officer. She will receive an annual salary of $750,000.
Jan-Paul Simard, age 24, is the son of the company’s founder. He joined XBiotech in 2012 as a research and development assistant and transitioned to the clinical development team in 2020. He contributed to study design and protocol development for clinical trials in pancreatic cancer, non-small cell lung cancer, osteoarthritis, and rheumatoid arthritis. He holds a degree in Chemistry with Honours from the University of Saskatchewan.
The company has entered into an Executive Employment Agreement with Mr. Simard dated October 26, 2026. The agreement stipulates an annual base salary of $150,000, prorated through the end of 2026 and continuing through 2027. Beginning January 1, 2028, the Compensation Committee has discretion to adjust his salary based on its evaluation of the circumstances.
As part of the agreement, Mr. Simard was granted an initial one-time award of 2,000,000 stock options. These options are exercisable over a ten-year period based on the closing price as of the Effective Date. The options vest according to a schedule where 1/6 vest on the 180th day after the Effective Date, with an additional 1/6 vesting at each six-month interval thereafter, resulting in full vesting within three years. If employment ceases prior to full vesting, Mr. Simard retains a percentage of options equivalent to the portion of the vesting period he was employed, with the remaining unvested options forfeited.
