Rhythm Biosciences (ASX:RHY) shuffles board

• Rhythm Biosciences (RHY) restructures board and management team, effective immediately
• Current Chair Otto Buttula has transitioned to the Executive Chair role and current CEO Glenn Gilbert has been appointed Managing Director
• The company says these changes support its goal of commercialising its ColoSTAT product, which is a blood test aimed at detecting colorectal cancer
• RHY shares have ended the day 5.18 per cent in the red to close at $1.74 each

Rhythm Biosciences (RHY) has restructured its board and management team, effective immediately.

The predictive diagnostics company claimed the shuffle would better reflect its current and near-term operating structure.

Current Chair Otto Buttula moved to the role of Executive Chair to formalise his executive involvement in supporting the company’s goal of commercialising the ColoSTAT product.

Additionally, CEO Glenn Gilbert has been appointed as Managing Director.

Mr Buttula commented on the board changes.

“The board has decided to make these changes at a pivotal time to leverage Glenn and my joint experience driving corporate and commercial scale up activities. Glenn has already established a robust platform that has positioned Rhythm to continue maximising value for all stakeholders,” he said.

Mr Buttula also said he considers the executive aspect for the role of Chair to be a short term, but important role, which will reportedly provide support to the company during a critical time.

Rhythm aims to transform the global mass market for colorectal cancer detection with its ColoSTAT low-cost blood test. Colorectal cancer is the third most common cancer in men and the second most common in women, accounting for an estimated 1.9 million new cases and 935,000 deaths per year.

Mr Buttula’s remuneration will change from $84,000 to $150,000 per annum, excluding superannuation, while Mr Gilbert’s remuneration will remain unchanged.

RHY shares ended the day 5.18 per cent in the red to close at $1.74 each.