ENZN · Enzon Pharmaceuticals, Inc.

The resignations of Peter K. Shea and Randolph C. Read represent a significant board-level transition following Enzon’s business combination with Viskase. Shea’s departure eliminates the former Chairman of the Audit Committee, reducing that committee to two members—Bleznick and Kenneth Shea—who now assumes the Chair role. Read’s exit marks the conclusion of his service as Chairman of Enzon’s Board pre-combination and reflects a broader leadership realignment post-transaction. The appointments of Thomas D. Davis—the sitting CEO—and Craig Pettit, a long-standing tax executive affiliated with Carl C. Icahn’s enterprises, signal consolidation of governance under the controlling shareholder group: Icahn-affiliated entities hold approximately 93.7% of Enzon’s common stock. Davis’s dual role as CEO and director, without incremental compensation, underscores operational integration, while Pettit’s appointment introduces deep tax and corporate finance expertise aligned with Icahn’s strategic oversight. With only two Audit Committee members now serving—including one newly appointed—the Company may face near-term scrutiny regarding audit committee independence and capacity, particularly given the absence of disclosure about whether either member qualifies as an audit committee financial expert under SEC rules.