(Nasdaq:SGEN) has announced that its CEO Clay Siegall has resigned following a domestic abuse arrest in April.
Police charged Siegall with fourth-degree misdemeanor assault. He maintains his innocence.
The company has named its lead independent director Felix Baker to assume the role of chair of the board of directors. Seagen Chief Medical Officer Dr. Roger Dansey will serve as interim CEO.
Baker said in a statement that the company’s board has “great confidence in the leadership of Roger Dansey, the senior management team and the nearly 3,000 employees to continue Seagen’s impressive growth trajectory.”
SGEN shares rose about 5% to $142.54.
Siegall was among the highest-paid executives in the pharmaceutical salary, raking in $18.9 million in total compensation last year.
Earlier this month, he took a leave of absence from the company.
Seagen announced an investigation of domestic abuse allegations against Siegall, which will continue following the resignation.
Siegall has also stepped down as the chair of Seattle-based biotech Umoja Biopharma and resigned from the board of Nurix Therapeutics.