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Pfizer Inc. today announced that Director Marc Tessier-Lavigne, Ph.D. has decided to step down from its Board of Directors on May 14, 2015. His decision is coincident with the launch of Denali, a new biotechnology company focused on developing effective therapies for neurodegenerative diseases. Dr. Tessier-Lavigne is a co-founder of Denali, and he will serve as the chairman of the company.

“We’d like to thank Dr. Tessier-Lavigne for his service on Pfizer’s board, particularly for his expertise and counsel in scientific matters,” said Ian Read, Pfizer chairman and chief executive officer. “While we regret the loss of Marc’s service, we congratulate him on the launch of Denali and offer him our best wishes for all of his future endeavors,” continued Read.

“I want to thank Pfizer for the opportunity to serve on its board of directors,” said Dr. Tessier-Lavigne. “Pfizer is an outstanding company, and I wish it continued success.”

Dr. Tessier-Lavigne was appointed to Pfizer’s board of directors in December 2011, and most recently served as a member of the Regulatory and Compliance Committee and Science and Technology Committee.