Verastem Names Michael Bailey President and CEO as Daniel Paterson Retires

what happened

Biopharmaceutical company Verastem, based in Needham, Massachusetts, said Michael Bailey will become its president and chief executive on January 1, 2027. Bailey has sat on the company's board since January 2015. The announcement was made on Wednesday and reported by The Wall Street Journal, citing reporter Colin Kellaher.

Bailey is 61 years old. From January 2015 until June of this year, he served as president and CEO of the AVEO Pharmaceuticals unit of LG Chem. Current chief executive Daniel Paterson is retiring at the end of the year. He joined Verastem in 2012, became president in June 2019 and CEO in August 2023. Paterson will remain on the board and serve as an adviser to the company.

According to documents filed with the SEC, Bailey will serve as a Class II director with a term expiring at the 2029 annual meeting, while Paterson will keep his Class III seat until the 2027 annual meeting.

why it matters

The leadership change was announced well ahead of its effective date, and the outgoing chief executive will stay on the board. That gives investors time to assess the new leader's plans, though the news itself says nothing about the company's financial results.

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