IRONWOOD PHARMACEUTICALS INC (IRWD): restructuring charge — Ironwood cuts workforce ~50%, promotes Gregory Martini to CFO

IRONWOOD PHARMACEUTICALS INC

Workforce reduction of ~50% approved Jan 17, targeting primarily field-based sales employees; affected employees notified Jan 29.
Expects to incur $20M-$25M in charges, mostly severance and benefits, substantially in H1 2025; post-reduction headcount ~120.
Gregory Martini promoted to SVP, CFO effective Jan 27; succeeds Thomas McCourt who remains CEO.
Martini receives base salary $485k, bonus target 45%, and 111,111 RSUs vesting over 4 years.

item 2.05 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Gregory Martini

Senior Vice President, Chief Financial Officer

IRWD · IRONWOOD PHARMACEUTICALS INC

Effective: 2025-01-27
Filed: January 29, 2025, 6:59 PM ET

the Company announced the promotion of Gregory Martini, 36, to Senior Vice President, Chief Financial Officer.

Role change

Thomas McCourt

principal executive officer

IRWD · IRONWOOD PHARMACEUTICALS INC

Effective: 2025-01-27
Successor: Gregory Martini
Filed: January 29, 2025, 6:59 PM ET

Mr. Martini will assume the responsibilities of the Company’s principal financial officer from Thomas McCourt, who will remain the Company’s principal executive officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Gregory Martini was appointed as Senior Vice President, Chief Financial Officer at IRONWOOD PHARMACEUTICALS INC.

Action: promoted
Role: Senior Vice President, Chief Financial Officer

Exact text from the filing

the Company announced the promotion of Gregory Martini, 36, to Senior Vice President, Chief Financial Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Thomas McCourt changed role as principal executive officer at IRONWOOD PHARMACEUTICALS INC.

Action: relinquished principal financial officer role
Role: principal executive officer

Exact text from the filing

Mr. Martini will assume the responsibilities of the Company’s principal financial officer from Thomas McCourt, who will remain the Company’s principal executive officer.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

IRONWOOD PHARMACEUTICALS INC announced a restructuring with charges of approximately $20.0 million to approximately $25.0 million (approximately 50%).

Type: restructuring
Charge: approximately $20.0 million to approximately $25.0 million
Headcount: approximately 50%

Exact text from the filing

to have approximately 120 full-time employees. The Company estimates that, in connection with this reduction in its workforce, it will incur aggregate charges of approximately $20.0 million to approximately $25.0 million, primarily comprised of one-time employee severance and benefit costs. The charges related to the reduction in workforce are expected to be

View on SEC.gov

13 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

IRONWOOD PHARMACEUTICALS INC filing history →

Source: SEC EDGAR

accession 0001104659-25-007212

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