Ironwood Pharmaceuticals: appoints new CEO Tammi Gaskins

What happened

• Ironwood Pharmaceuticals announced that on Oct 12, 2026 the board appointed Tammi Gaskins, the company’s senior vice president, chief commercial officer, as chief executive officer, effective Jan 1, 2027. The board also increased its size from eight to nine directors and elected Ms. Gaskins as a director, each effective Jan 1, 2027.
• The company reported that Thomas McCourt notified the board on Oct 12, 2026 that he will retire as chief executive officer effective Dec 31, 2026, after 17 years with the company, including five years as CEO. Mr. McCourt will remain a director and is expected to enter a consulting agreement effective Jan 1, 2027 for an anticipated consulting fee of $10,000 per month.

Key details

• Ms. Gaskins’s pay as CEO, effective Jan 1, 2027: annual base salary of $775,000 and an individual bonus target of 75% of base salary.
• Equity grants effective Jan 1, 2027: restricted stock units with a target grant value of approximately $2,000,000 and performance-based restricted stock units with a target grant value at target performance of approximately $2,000,000; RSUs vest 25% on each approximate anniversary over four years; PSU vesting terms and performance period to be determined in 2027.
• The company intends to enter an amended and restated executive severance agreement effective Jan 1, 2027 that replaces Ms. Gaskins’s prior severance agreement dated Feb 24, 2025. Under the new agreement, a qualifying termination would provide, among other items, a lump-sum equal to 18 months of base salary (24 months for a change of control), lump-sum bonus payments as described in the filing, up to 18 months of subsidized COBRA coverage, and outplacement assistance.

Why it may matter

• Item reported: Item 5.02 — departure of directors or certain officers; election of directors. This item covers the appointment of a new chief executive officer, the retirement of the incumbent chief executive officer, related board changes, and associated compensation and severance arrangements disclosed in the filing. The filing does not show why the insider traded or why the company acted.