Poolbeg Pharma PLC (AIM:POLB, OTCQB:POLBF) has announced that co-founder Cathal Friel is stepping from non-executive to exective chairman, giving him a hands-on role with fast-growing orphan drug developer.
Friel's extensive experience in public companies and a successful track record of value creation are expected to significantly benefit Poolbeg.
Notably, he co-founded Amryt Pharma, which was acquired for US$1.48 billion last year, and has played a pivotal role in the success of hVIVO, which as grown to a market capitalisation of £200 million from £14 million.
In his new role, Friel will work alongside CEO Jeremy Skillington and an expanded leadership team, including several members who have recently joined from Amryt Pharma.
Together, they will focus on strategic initiatives, particularly Poolbeg's emphasis on rare and orphan diseases, while Skillington will continue to lead the company's clinical programs and business development efforts.
"As one of the co-founders of Poolbeg, and a great believer in the company's potential, I have been dedicating a large part of my time to supporting the company on its dynamic growth path," said Friel.
"Therefore, the board felt it was appropriate that I should change my role to executive chairman to reflect my ongoing time commitment and the experience that I bring from my track record of value creation at both hVIVO and Amryt Pharma."
In the same announcement, Poolbeg said it is rolling out an employee incentive plan that underlines the the ambiton of management as it vests at 17.945p - an 85% premium to Wednesday's closing price. Senior executives, including Friel, have been awarded option.