On February 7, 2018, Innoviva, Inc. announced the appointment of Eric d'Esparbes as the company's interim Principal Executive Officer, effective February 6, 2018. Mr. d'Esparbes will succeed Michael Aguiar who has resigned as President and Chief Executive Officer of the company and as a member of the company's Board of Directors effective as of February 6, 2018. Mr. d'Esparbes will continue to serve as the company's Senior Vice President and Chief Financial Officer while acting as interim Principal Executive Officer.

The Board plans to commence a search for a new Chief Executive Officer. On February 7, 2018, the company also announced that Michael Faerm has resigned as Chief Business Officer of the company, effective February 7, 2018. Mr. Faerm's separation from the company was under circumstances that are considered a termination for reasons other than Misconduct, as defined in the company's 2009 Severance Plan, as amended.