MOUNTAIN VIEW, Calif. (AP) — Vivus Inc. said Friday that Peter Tam will resign as company president in October.
Tam has worked for the biopharmaceutical company for 20 years in a variety of management and leadership roles. He was appointed president in 2009.
CEO Seth Fischer said that Tam helped lead the company's development and approval of its weight loss drug Qsymia and erectile dysfunction drug Stendra.
Fischer is newly appointed to his post, taking over the CEO post earlier this month after Anthony Zook resigned a few weeks after his appointment because of personal health issues. Both Zook and Chairman Michael Astrue joined Vivus in July as part of a settlement between the drugmaker and its largest shareholder.
The proxy fight dates back to March, when the shareholder, First Manhattan Co., moved to replace Vivus' entire board of directors, stating that the launch of Qsymia was unsuccessful and the company needed new and independent leadership. It also sought expand the board to nine directors from six.
A direct replacement for Tam was not named, but Tam said in a statement Friday that he believes that the company is well-positioned to maximize the potential of the two drugs under Fischer's leadership.
Shares of the Mountain View, Calif.-based company fell 32 cents to close at $9.45 and added 6 cents in after-hours trading following the announcement. The stock has shed about 30 percent in the year to date.