William Collier, president and CEO of Warminster-based Arbutus Biopharma, will retire from his positions effective December 31, writes John George for the Philadelphia Business Journal.

“Leading Arbutus and working with such a passionate, dedicated leadership team to develop a functional cure for patients with chronic hepatitis B virus has been one of the most rewarding experiences of my professional career,” said Collier.

He will be replaced by Michael J. McElhaugh, the company’s co-founder and chief operating officer. McElhaugh will serve as interim CEO as the search for a new chief executive is implemented and join the Arbutus board of directors.

Collier said McElhaugh is the right choice to take the reins due to his “leadership and industry knowledge.”

The biopharmaceutical firm that is working on finding a cure for hepatitis B said earlier this week that it has cut 24 percent of its employees or around two dozen workers. The move is related to the company’s decision to narrow its research focus to chronic hepatitis B infections and end its work in the COVID-19 arena.

Arbutus currently has cash and cash equivalents of $17.5 million, which is enough to fund the company’s operations into early 2026.

Read more about William Collier’s impactful tenure at Arbutus Biopharma in the Philadelphia Business Journal.