XBiotech Inc. filed a current report on October 26, 2026, disclosing the appointment of Dr. Sushma Shivaswamy and Jan-Paul Simard as Co-Chief Executive Officers of the company, effective October 23, 2026.

Key Highlights

  • Dual appointment: Dr. Sushma Shivaswamy and Jan-Paul Simard were appointed Co-Chief Executive Officers effective October 23, 2026.
  • Shivaswamy's salary: Dr. Shivaswamy will continue to receive an annual salary of $750,000 and will also continue in her role as Chief Scientific Officer.
  • Simard's base salary: Jan-Paul Simard's Executive Employment Agreement provides for an annual base salary of $150,000, prorated through the end of 2026 and continuing through 2027.
  • Stock option grant: Jan-Paul Simard received an initial one-time grant of 2,000,000 stock options, exercisable over a ten-year period at the closing price as of October 26, 2026.
  • Vesting schedule: The options vest in six equal installments every six months beginning 180 days after October 26, 2026, with full vesting within three years of the effective date.
  • Family connection: According to the filing, Jan-Paul Simard is the son of John Simard, Founder, Chairman, and former President and Chief Executive Officer of the company.

XBiotech Transitions to Co-CEO Structure After Founder's Retirement

XBiotech Inc. (NASDAQ:XBIT) disclosed in its October 26, 2026 filing that its Board of Directors appointed Dr. Sushma Shivaswamy and Jan-Paul Simard to serve together as Co-Chief Executive Officers, effective October 23, 2026. The appointments follow the December 2025 retirement of Founder John Simard, after which Dr. Shivaswamy had been serving as interim CEO. The company reported that Dr. Shivaswamy will retain her concurrent role as Chief Scientific Officer.

According to the filing, Dr. Shivaswamy, age 48, has been with XBiotech for 17 years, having held positions including Senior Scientist, Director, and Vice President of Research and Development before her appointment as Chief Scientific Officer in 2017. The filing states she oversaw "scientific and technical operations spanning R&D through GMP production of antibodies." Her annual salary of $750,000 remains unchanged. Jan-Paul Simard, age 24, began at XBiotech in 2012 as a research and development assistant and moved in 2020 to the clinical development team, contributing to study design and protocol development across clinical trials in pancreatic cancer, non-small cell lung cancer, osteoarthritis, and rheumatoid arthritis. He has also continued scientific education in Chemistry with Honours at the University of Saskatchewan, the filing noted.

The Executive Employment Agreement with Jan-Paul Simard, dated October 26, 2026, sets his base salary at $150,000 annually, prorated through 2026 and continuing through 2027. The Compensation Committee and/or Board of Directors retains discretion to award annual merit-based bonuses and may elect to adjust the base salary beginning January 1, 2028. The agreement also includes a one-time grant of 2,000,000 stock options vesting in six equal installments at six-month intervals starting 180 days after the effective date, for full vesting within three years. If a Cessation of Employment occurs before full vesting, the filing provides that Mr. Simard retains a proportion of options equivalent to his completed service within the three-year vesting period. The agreement may be terminated at any time and for any reason by either party, according to the filing.

What Was Disclosed

XBiotech disclosed the appointment of two Co-Chief Executive Officers effective October 23, 2026, along with the terms of Jan-Paul Simard's Executive Employment Agreement, including a $150,000 annual base salary and a grant of 2,000,000 stock options vesting over three years.