Delcath Systems (OTC:DCTH) announced that it appointed Gerard Michel as its new CEO, effective yesterday, Oct. 1, 2020.
Michel assumed the role yesterday and also was appointed as a Class I director on the company’s board of directors, with that role continuing until the expiry of his term at the company’s 2022 annual meeting of stockholders, according to a news release.
A veteran of more than 30 years in medtech and pharmaceutical, Michel previously served as CFO of Vericel Corp., beginning in June 2014. He also served as CFO and VP of corporate development at Biodel Inc. and also held executive positions at NPS Pharmaceuticals.
As of an agreement dated Aug. 31, 2020, Michel’s employment began yesterday with an annual base salary of $450,000, subject to annual review by the board’s compensation and stock option committee, and he will be eligible to participate in Delcath’s annual incentive plan with a target annual cash bonus equal to 50% of his then-current base salary.
With Michel’s appointment, interim CEO John Purpura, who served in the role from June 1, 2020, to Oct. 1, 2020, was elevated to the position of COO, having previously served as executive VP & global head of operations since July 19, 2016. Purpura joined the company as executive VP of regulatory affairs & quality assurance in November 2009.
