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- Paradigm Pharmaceuticals’ (PAR) CEO, Marco Polizzi, has stepped down from his role after just five months with the company
- Mr Polizzi will exit the role on February 20, 2023, and Paradigm did not say why he was stepping down
- Paradigm has appointed founder and Non-Executive Chair Paul Rennie to the role of Managing Director and Executive Chair, effective immediately
- Mr Rennie was previously Managing Director at Paradigm but had to step down last year due to “personal circumstances” that have since been resolved
- PAR shares are down 11.47 per cent to trade at $1.51 at 12:53 pm AEDT
Paradigm Pharmaceuticals’ (PAR) CEO, Marco Polizzi, has stepped down from his role after just five months with the company.
Mr Polizzo will officially exit the role on February 20, 2023. Paradigm did not say why he was stepping down.
During the transitional period and thereafter, Paradigm has appointed founder and Non-Executive Chair Paul Rennie as its Managing Director, effective immediately.
He will also transition to the role of Executive Chair.
Mr Rennie was previously the Managing Director of the company, but “personal circumstances” required him to step down from the role in 2021. Mr Rennie today said these circumstances have been “successfully resolved”.
“I look forward to working closely again with the Paradigm executive team and the board in continuing our journey together,” he said.
Mr Rennie founded Paradigm Biopharmaceuticals in 2014 and took the company public in 2015.
Since then, Mr Rennie has accomplished a number of milestones and financial and investor relationships which the Paradigm board said made him the “optimal Managing Director appointment to continue to cultivate and drive the business forward”.
Mr Rennie’s fixed annual remuneration will be $1.06 million per annum, including superannuation.
PAR shares were down 11.47 per cent to trade at $1.51 at 12:53 pm AEDT.
