Theravance has appointed Michael W. Aguiar as president and CEO effective August 15, and as a member of the board of directors effective immediately. Aguiar plans to continue to as Theravance's senior vice president and chief financial officer until his replacement is identified and appointed. 

Aguiar will replace Rick E. Winningham, who has resigned as CEO of Theravance. Winningham will remain chairman of the board and will transition to full time CEO of Theravance Biopharma.

Since joining the company in 2005, Aguiar has led a number of strategic projects including the recent spin-off of Theravance Biopharma from Theravance, and has successfully driven the finance, IT and investor relations operations of Theravance. From 2002 to 2005, Aguiar was vice president of finance at Gilead Sciences. Previosuly, Aguiar was vice president of finance at Immunex and at Honeywell International in a variety of positions.