Bailey, 61, is scheduled to assume the top role on January 1, 2027. He brings extensive industry experience to the position, having recently served as president and CEO of AVEO Pharmaceuticals, a unit of LG Chem, where he led operations from 2015 until June of this year. He has held a seat on the Verastem board since 2015, providing him with deep institutional familiarity.

Paterson joined Verastem in 2012, eventually rising to become president in 2019 and CEO in 2023. His departure signals a change in strategy for the company as it looks toward its next phase of development under Bailey's guidance. Paterson will continue his involvement with the firm by transitioning into an advisory role and maintaining his position on the board of directors.