Immunomedics announced that effective upon the execution of the settlement agreement memorializing the terms of the binding settlement term sheet, Cynthia L. Sullivan will be stepping down from all director and officer positions with the company, including her role as president and chief executive officer. Michael R. Garone, the current chief financial officer of the company, will then assume the role of interim CEO. In addition, Dr. David M. Goldenberg, founder of the company, is stepping down from all officer positions with the company, including as chief scientific officer and chief patent officer, effective upon the execution of the settlement agreement.

Dr. Goldenberg will continue to serve as a director on the company' board.