Xeris Biopharma Holdings (NASDAQ:XERS) announced a CEO succession plan with John Shannon taking over from Paul Edick on August 1, 2024.
Edick, the current CEO and chairman, will retire from his roles after more than seven years with the company.
Shannon, currently Xeris’ president and COO, will succeed Edick as CEO and join the board of directors.
Edick expressed gratitude for his tenure, highlighting the company’s growth from a small startup to a commercial organization with over 400 employees and three marketed products.
"John and I have worked closely together for more than seven years. His contributions and leadership have been instrumental to our success," Edick stated.
Edick will remain with Xeris in a senior advisory capacity until February 1, 2026.
Marla Persky will become chairperson of the board.
"With such a strong foundation and a very high performing team, the board has determined now is the right time to initiate our long-standing CEO succession plan and leadership transition," said Persky. "The board is confident that John Shannon is the ideal person to lead the next chapter of Xeris’ evolution."
Shannon, who has over 40 years of experience in the pharmaceutical and healthcare industries, expressed optimism for the company's future, calling the company “stronger than ever.”
Xeris also announced preliminary Q2 2024 revenue exceeding $47 million, marking over 23% growth compared to last year. The company reaffirmed its year-end 2024 cash guidance of $55 million to $75 million and will report its Q2 and first half 2024 financial results on August 8.