Development-stage biotech Discovery Laboratories announced Friday that Chief Executive Officer and Chairman of the Board W. Thomas Amick has resigned from both positions.

Amick, 70, is replaced as CEO by current President and Chief Financial Officer John G. Cooper, 54, who retains the President's title and will continue as CFO as well. Cooper's base salary will increase from $335,000 to $400,000 and his target bonus amount was increased from 0-40% to 0-50%. Amick will receive $1.25 million in severance pay.

John R. Leone, a partner at Paul Capital Healthcare who joined Discovery's Board in November, has taken over as Chairman of the Board. Both of these changes take effect immediately.


In other news, Discovery announced that Drs. Max Link and Antonio Esteve have both resigned from the Board, while Joseph M. Mahady, a former executive with Wyeth Corp., has been added to Discovery's Board of Directors. The board also adopted a resolution reducing its size from six to five directors.

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The article Discovery Labs CFO Becomes CEO originally appeared on Fool.com.

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