1 September 2020 – Race Oncology Limited (ASX: RAC) is pleased to announce that it has expanded its executive team with the appointment of Mr Phil Lynch as Chief Executive Officer and Managing Director. Effective immediately, Mr Lynch will share the executive leadership responsibilities with Dr Daniel Tillett, who will continue in his role of Chief Scientific Officer and Executive Director and will step down from the interim Chief Operating Officer position. In line with these changes, Dr John Cullity will return to his former role of Non-Executive Chairman.
The appointments follow the Board’s review of the organisational skills matrix required for Race to deliver on its commercial and clinical objectives. As CEO & MD, Mr Lynch will lead Race’s commercial agenda. Dr Tillett will focus on the scientific aspects of the Company’s 5-path strategy. In partnership, Mr Lynch and Dr Tillett will implement Race’s strategic agenda.
Mr Lynch and Dr Tillett will share executive leadership responsibilities, while leveraging Race’s experienced network of global partners and advisors. Dr Cullity will return his focus to governance, future partnerships and transactions.
Dr John Cullity commented, “Following his June appointment as Non-Executive Director, Phil has clearly demonstrated the leadership skills we value commercially. We are ultimately focused on delivering best value to shareholders through partnering or acquisitive transactions. The shared leadership arrangement will enable effective delivery of this strategic agenda, while leveraging the collective skillset of Race’s executive, Board and advisor network.”
Dr Daniel Tillett, said, “I am pleased to see Phil stepping into the CEO role and I look forward to us working closely together to drive the company forward. We have an amazing opportunity with Bisantrene and we intend to bring it back to the market as quickly as we can for the benefit of both patients and our shareholders.”
Mr Lynch joined the Race Board on 1 June 2020 following over 15 years in commercial leadership with J&J companies, bringing M&A experience and strong relationships in Asia-Pacific.
He commented, “I’m excited to be joining Race as CEO, having first-hand belief in the strategy, the capability of the team and the significant opportunity ahead of us to execute our strategies and realise additional value for our shareholders.
I would like to extend my appreciation to John and Daniel who have managed the business on an interim basis with great success.”
Key elements of Mr Lynch and Dr Tillett’s employment contracts are included in the attached Appendices, together with further biographical information.