Alder Biopharmaceuticals Inc. appointed Paul Cleveland as interim president and CEO, effective March 20.
Cleveland will continue to serve as a director of Alder Biopharmaceuticals. His appointment was made after Randall Schatzman and the company's board decided that it was the right time for Schatzman to step down as president, CEO and director.
Schatzman has agreed to serve as a consultant to Alder Biopharmaceuticals for an interim period to ensure a smooth transition.
Alder Biopharmaceuticals has retained Russell Reynolds Associates, an executive search firm, to assist in the search for a permanent successor.
Cleveland currently serves as board chairman of Adverum Biotechnologies Inc., where he previously served as the president and CEO.
Bothell, Wash.-based Alder Biopharmaceuticals is a clinical-stage biopharmaceutical company, which discovers, develops and commercializes therapeutic antibodies in the U.S., Australia and Ireland.