On March 18, 2016, George W. Hebard III tendered his resignation as Interim Principal Executive Officer, Interim Chief Operating Officer and Secretary of Enzon Pharmaceuticals Inc. effective March 31, 2016. On March 18, 2016, the Board of Directors of the company appointed Andrew Rackear as Chief Executive Officer and Secretary of the company effective March 31, 2016. Since November 2013, Mr. Rackear has provided consulting services to the company.

Mr. Rackear previously served as the company's Vice President and General Counsel from April 2010 to November 2013. Mr. Rackear will serve as the Company's Chief Executive Officer and Secretary on a consulting basis On March 18, 2016, the Board approved a change in Richard L. Feinstein's title from Vice President-Finance and Principal Financial Officer to Vice President-Finance and Chief Financial Officer effective March 31, 2016.