Madrigal Pharmaceuticals, Inc. announced that on June 15, 2023, Keith R. Gollust and David Milligan, Ph.D., each Class III directors on the Board of Directors of the company, resigned from the Board, effective immediately. On June 15, 2023, Julian Baker and Raymond Cheong were appointed to the Board as Class III directors, effective immediately. Messrs.

Baker and Cheong will serve terms lasting until the Company’s Annual Meeting of Stockholders to be held in 2025, and until their respective successors have been elected and qualified. The Board determined that it was appropriate for the Company to institute changes to its Board governance structure and implement a separation of the Chairman and Chief Executive Officer functions effective June 15, 2023. Julian Baker was appointed to serve as the independent Chairman of the Board of Directors.