Race Oncology (ASX:RAC) has announced that the first phase of the board renewal process, which commenced in 2023, is now complete with a newly appointed board.
Mary Harney has retired from the board after nearly four years, initially as non-executive director and non-executive chair since April 2023.
Phil Lynch has retired from the board after four years with Race. He served as a non-executive director and CEO and managing director.
Pete Smith has been appointed executive chair. Dr Daniel Tillett will move from CEO to CEO and managing director. Dr Serge Scrofani has been appointed an independent non-executive director.
Race's lead asset, bisantrene, is a small molecule chemotherapeutic.
Ms Harney said, "Phil and I are grateful for the time we've had with Race during which the company's shape and strategy has advanced considerably. We wish to express our appreciation to the board, management team and many shareholders we have met over time for their support.
"With Race in a state of strength and stability, we have determined this is a good time for us to step aside, enabling the board and Company to continue to evolve."
The newly appointed executive chair, Dr Pete Smith, said, "We owe a great debt of gratitude to both Mary and Phil for their meaningful tenures with Race. The company has grown and strengthened substantially through their many years of involvement, where they have each been active through a variety of roles. Personally, and on behalf of the board and management team, we wish them well as they step away to focus on other commitments."
Dr Scrofani added, "I am excited to join Race's Board and endorse the company's innovative approach to developing cardioprotective cancer therapies. I have been impressed by the team's dedication and commitment to realising the clinical and commercial potential of bisantrene, and I look forward to supporting them in this important work."
