By Colin Kellaher
MacroGenics on Wednesday said its co-founder and longtime leader, Scott Koenig, is leaving the biopharmaceutical company.
The Rockville, Md., company said Koenig plans to step down as president and chief executive early next year, and that its board has hired Heidrick & Struggles to lead the search for a new CEO.
MacroGenics said it has signed a separation agreement with Koenig effective at the end of February that includes continued payment of his annual salary and target bonus for two years.
Koenig, who helped found MacroGenics in 2000 and has been president, CEO and a board member since September 2001, received a salary of nearly $705,000 and total compensation of more than $3.7 million in 2023.
MacroGenics on Wednesday said Koenig has agreed to resign from the board and will serve as an adviser through February 2030 in exchange for the continued vesting of any unvested stock-option and restricted stock unit awards.
The company said its board has formed a special committee to oversee the executive transition process.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 30, 2024 09:50 ET (13:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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