On November 2, 2018, John McLaughlin informed PDL BioPharma, Inc. that he intends to retire as the company's Chief Executive Officer as of December 31, 2018, while continuing to serve as a member of the company's board of directors beyond such date. Also on November 2, 2018, the Board appointed Dominique Monnet, age 60, the company's current President, to succeed Mr. McLaughlin as Chief Executive Officer and President of the company, effective December 31, 2018. The Board also appointed Mr. Monnet as a member of the Board, effective as of December 31, 2018.

Mr. Monnet will become a Class II member of the Board with an initial term ending at the company's annual meeting of stockholders in 2021.