BenevolentAI (OTC:BAIVF), a leader in AI-driven biopharma drug discovery, has announced significant upcoming changes to its board composition, set to take effect following the company's annual meeting on May 2.
The planned reshuffle follows extensive discussions with founder and former chairman, Kenneth Mulvany, who is also the largest shareholder of the business.
Mulvany plans to rejoin the board along with proposed independent directors Peter Allen, Jeremy Sohn, and Ian Nicholson, who are seasoned industry veterans. They would be brought in to replace Dr François Nader, Dr Olivier Brandicourt, Dr Susan Liautaud, and Marcello Damiani.
Subject to their election, Allen will serve as chair and Mulvany as deputy chair. The remaining board members will remain in place.
Current chair, Nader, said: “The board acknowledges that our dialogue with Mr Mulvany, our largest shareholder, has resulted in an agreement which we believe is in the best interests of shareholders, and broader stakeholders, and the stability of our operations and creates the potential to establish a governance platform for the future progress and value creation of the business, in the best interest of patients.
“It has been a privilege to lead this excellent board and I would like to take this opportunity to extend our appreciation to Olivier, Susan and Marcello for their significant contributions to the board since joining. The company has benefitted significantly from their wise counsel and experience.”