On December 25, 2018, Chaim Hurwitz resigned as Chairman of the Board of Directors of Galmed Pharmaceuticals Ltd., effective immediately, to pursue other opportunities. On December 26, 2018, the Board appointed Allen Baharaff, the Company’s Chief Executive Officer and current member of the Board, to assume the role of Chairman, subject to and commencing upon shareholder approval. Additionally, the Board appointed David Sidransky, M.D., an external director of the Company and chair of the Nominating Committee, to assume the newly created role as Lead Independent Director, effective immediately. In the newly created role of Lead Independent Director, Dr. Sidransky will preside at executive sessions of the Board, serve as a liaison between the Chairman and the independent directors, and approve matters to be considered by the Board in meeting agendas. The Lead Independent Director will also provide leadership to the Board if circumstances arise in which the role of the Chairman may be, or may be perceived to be, in conflict, and responding to any reported conflicts of interest, or potential conflicts of interest, arising for any director.