Shares of Madrigal Pharmaceuticals Inc. MDGL fell more than 7% premarket on Monday after the company appointed Bill Sibold, a former Sanofi SNY executive, as its new CEO. Sibold succeeds Dr. Paul Friedman, the company’s CEO since 2016, who will continue to serve on the board of directors, Madrigal said in a release. Julian Baker, chairman of Madrigal’s board, said in a statement that Sibold’s “extensive experience launching specialty medications in new therapeutic categories will be invaluable as Madrigal transitions from a clinical development-stage company to a fully integrated commercial organization.” Madrigal is pursuing new therapies for nonalcoholic steatohepatitis, or NASH, a liver disease. Madrigal shares have dropped 32% in the year to date, while the S&P 500 SPX has gained 16%.

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