- Race Oncology (RAC) appoints Damian Clarke-Bruce as Managing Director and Chief Executive Officer, effective from February 1, 2023
- The role comes with a $475,000 yearly salary and a short-term incentive of up to 40 per cent of this base salary
- As a result of the appointment, current CEO Phil Lynch will return to his position as a non-executive director of Race, after volunteering to step into the CEO in September 2020
- The pair will work closely to ensure a smooth and effective leadership transition
- Race Oncology shares are trading at $2.18 at 12:23 pm AEDT
Race Oncology (RAC) has appointed Damian Clarke-Bruce as Managing Director and Chief Executive Officer, effective from February 1, 2023.
Mr Clarke-Bruce brings with him global experience in drug commercialisation and portfolio strategy, having previously held executive roles through all stages of the drug development process.
He was most recently worked as Executive Director of Marketing Global/US Commercial Lead in Rare Disease and Head of the Global Launch Leadership Team for Pharming Healthcare Inc in New Jersey.
Mr Clarke-Bruce’s new role comes with a $475,000 yearly salary and short-term incentive of up to 40 per cent of this base salary.
As a result of the appointment, current CEO Phil Lynch will return to his prior role as a non-executive director of Race.
Mr Lynch originally joined Race in 2020 as a non-executive director, in line with his post-retirement plan to focus on company directorship roles after retiring from his executive career at Johnson & Johnson.
Race said Mr Lynch volunteered to step into the CEO role in September 2020 at a time when his leadership skills were needed.
However, having recognised the company has global opportunities ahead, Mr Lynch has decided to return to his Non-Executive Director role and mentor a new CEO who can devote the required time needed to advance Race to the next stage in its growth.
“We owe a great vote of thanks to Phil for his calm and strategic stewardship of Race over the past two years,” Race Chair John Cullity said.
“He stepped up into the CEO role at a time when we greatly needed his leadership.”
The pair will work closely to ensure a smooth and effective leadership transition.
Race Oncology were trading at $2.18 at 12:23 pm AEDT.