Spero Therapeutics, Inc., a multi-asset clinical-stage biopharmaceutical company, announced that Satyavrat “Sath” Shukla, Spero’s current Chief Financial Officer and Treasurer, will serve as Spero’s President and Chief Executive Officer (CEO), and as a member of the Board of Directors, effective August 1, 2023.
Shukla will succeed Spero’s current CEO and President, Ankit Mahadevia, M.D., who will become Chairman of the Board of Directors, effective August 1, 2023. The current Chairman of the Board, Milind Deshpande, Ph.D., will remain on the Board as an independent director, and current Board member, Patrick Vink, MD., will be appointed Lead Independent Director.
“It has been an honor to lead Spero since its inception and I am thrilled to welcome Sath as our next CEO,” said Ankit Mahadevia, M.D., Chief Executive Officer of Spero Therapeutics. “Since its founding from a blank piece of paper, we have established Spero as a leader in serving patients with serious infections, with multiple differentiated medicines, a strong team and culture, world class partners, and a strong balance sheet. After leading the company for seven years, the Board and I believe now is the right time to begin this transition.”
Dr. Mahadevia continued, “Sath has been a key architect of the Company’s growth strategy and fully embodies our mission and values. The operational experience, financial acumen, and leadership skills Sath has gained at Spero, Vertex, and other biotech companies leave him uniquely qualified to lead the next chapter of Spero’s growth. Under his leadership, we will continue to work on our mission of creating solutions for patients affected by serious infections and rare diseases. I look forward to partnering with him in this endeavor. I also want to extend my gratitude to Milind Deshpande for his leadership of the Board since the Company’s inception, and we are grateful for his continued service on the Board.”
Shukla brings more than two decades of strategic and financial leadership experience to the role of CEO, including the last three years as Spero’s CFO and Treasurer. During his tenure at Spero, he has led all aspects of the Company’s finance, accounting, and business development functions, and has played an instrumental role in securing strategic investments and licensing agreements from GSK and Pfizer Inc.
“It is an honor to lead Spero’s world-class team of biopharmaceutical experts,” said Shukla. “The closing of Spero’s GSK collaboration to advance tebipenem HBr, and the progression of SPR720 into its ongoing Phase 2 clinical trial, marks a new chapter in Spero’s growth strategy. Ankit’s long tenure as CEO was marked by numerous important accomplishments that provide a strong foundation in the field of anti-infectives and rare diseases. I look forward to building upon this foundation, as I believe the Company is a rapidly growing, emerging leader, poised to deliver on bringing tebipenem HBr, SPR720 and SPR206 closer to those patients in need.”
“On behalf of the Board, I would like to congratulate Sath on a well-deserved promotion and welcome Ankit to his new role as Chairman,” said Milind Deshpande, Ph.D., Chairman of the Board of Spero Therapeutics. “Sath and Ankit are both highly effective leaders with an impressive track record working together. I look forward to offering my continued advice and counsel to the Spero management team as an independent director and I am excited for what lies ahead for the Company.”
Spero has now launched a search for the next CFO to succeed Shukla. Until this search is completed, the Board has appointed Stephen J. DiPalma as Interim CFO and Treasurer, effective August 1, 2023.
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