XBiotech names Shivaswamy and Simard co-CEOs effective October 23

XBiotech Inc. disclosed in an 8-K that its board of directors appointed Dr. Sushma Shivaswamy and Jan-Paul Simard to serve as Co-Chief Executive Officers of the company, effective October 23, 2026.¹

Dr. Shivaswamy, 48, has spent 17 years at the company, moving up through roles as Senior Scientist, Director and Vice President of Research & Development before being named Chief Scientific Officer in 2017.¹ In that CSO role, she oversaw scientific and technical operations spanning R&D through GMP production of antibodies.¹ She had been serving as interim chief executive since December 2025, following the retirement of founder John Simard.¹ The filing states she will continue as Chief Scientific Officer and will keep her annual salary of $750,000.¹

Jan-Paul Simard, 24, joined the company in 2012 in an entry-level research post and later moved into clinical operations, where he worked on trial design and protocol development in studies covering pancreatic cancer, non-small cell lung cancer, osteoarthritis and rheumatoid arthritis.¹ He has also pursued a chemistry degree with honours at the University of Saskatchewan, according to the filing. The 8-K notes that Jan-Paul Simard is the son of John Simard, the company's founder, chairman, and former president and chief executive officer.¹

Under a new employment agreement dated October 26, 2026, Jan-Paul Simard's base salary is set at $150,000 annually, prorated for the remainder of 2026 and continuing through 2027,¹ with the board retaining discretion starting January 1, 2028 to adjust that salary.¹ He also received an initial grant of 2,000,000 stock options exercisable over ten years, priced at the closing price on the effective date,¹ vesting in increments over three years per the agreement's terms.