Faron Pharmaceuticals Ltd. announced that its chief executive officer (CEO) Dr. Markku Jalkanen, who turns 70 later in 2024, has informed the board of directors of his wish to retire from his position as the company's CEO during the course of second quarter 2024, while continuing in his role as board member. As a part of its ordinary tasks and noting the age of the current CEO, the Nomination Committee of the Board has maintained preparedness for CEO succession with the help of a third-party recruitment specialist firm, and considered several options for a potential new CEO for the company among external and internal candidates. Supported by the preparatory work conducted, the Nomination Committee has concluded that the company's current Chief Operating Officer, Dr. Juho Jalkanen,MD, PhD, MSc (economics),would be the best candidate to succeed Dr. Markku Jalkanen as CEO of the company.

Following information from Dr. Markku Jalkanen and the Nomination Committee's recommendation, the board has resolved to appoint Dr. Juho Jalkanen as CEO of the company, effective May 1, 2024, subject to regulatory approval. Dr. Markku Jalkanen will continue as a board member and support in the transition of the CEO role throughout 2024.