- Mayne Pharma (MYX) appoints Shawn Patrick O’Brien as its new CEO and Managing Director
- Following the retirement of Scott Richards, announced last month, Mr O’Brien will take the reigns on October 1
- MYX says with over 35 years of experience in the global pharmaceutical industry, including 17 years at AstraZeneca, the new CEO is an “ideal choice” to lead the company
- The company says Mr O’Brien has “a proven ability” to turn around organisations, lead large and diverse teams, and deliver growth within both public and private companies
- MYX shares are up 4.9 per cent trading at 27 cents at 1:36 pm AEST
Mayne Pharma (MYX) has appointed Shawn Patrick O’Brien as its new CEO and Managing Director.
The pharmaceuticals company’s previous CEO, Scott Richards, announced his retirement last month, and Mr O’Brien will now take the reigns on October 1.
The incoming CEO has over 35 years of global pharmaceutical industry experience.
He spent 17 years at AstraZeneca, where he held senior roles and was responsible for a number of products that became billion-dollar brands, according to Mayne.
Mr O’Brien also held the position of CEO at a number of companies including Genomind Inc, a personalised mental health platform company, Cipher Pharmaceuticals, and three private biotechs including AltheRx Pharmaceuticals, Profectus BioSciences and Solstice Neurosciences.
Mayne Pharma Chair Frank Condella said given Mr O’Brien’s experience, he was an “ideal choice” to lead the company in its next phase of growth.
“Shawn has been a highly effective global leader, and his experience in sales and marketing, strategic planning, business development, product development and commercialisation will complement our senior leadership team,” Mr Condella said.
“He has a proven ability to turn around organisations, lead large and diverse teams and deliver growth within both public and private companies.”
The new CEO will receive an annual salary of $600,000 and will be eligible to receive a short-term incentive equal to up to 50 per cent of his salary by meeting performance objectives.
Subject to shareholder approval, Mr O’Brien is also eligible to receive up to 150 per cent of his salary through a long-term incentive program delivered in performance rights to acquire shares.
While outgoing CEO Mr Richards will cease to be CEO from October 1, he will remain an employee until November 30 to help with the CEO transition.
MYX shares were up 4.9 per cent trading at 27 cents at 1:36 pm AEST.