NEW YORK — Antibiotic maker Cubist Pharmaceuticals said Monday that Michael Bonney will retire as CEO at the end of the year, and the company said it will promote President Robert Perez to take his place.
Bonney will retire as CEO on Dec. 31, and Perez will be promoted the next day. The company said Bonney will become non-executive chairman of its board of directors. Current Chairman Kenneth Bate will become Cubist's lead independent director.
Bonney has been the company's CEO since June 2003. Perez took over for Bonney as company president in 2012 and was Cubist's chief operating officer for five years before that.
Cubist Pharmaceuticals Inc. is based in Lexington, Massachusetts. Its primary product is Cubicin, which is used to treat infections of the skin and blood. Sales of Cubicin grew 3 percent to $234.7 million in the second quarter, and the drug brought in 79 percent of the company's total revenue.
Its shares rose 34 cents to $66.23 in morning trading Monday. Its shares have fallen 4 percent this year through Friday's close.
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