Home Industries Health Services R.I. Life Science Hub expects to select first CEO in May

R.I. Life Science Hub expects to select first CEO in May

By

Katie Castellani

-

04/23/2024

Neil Steinberg — RHODE ISLAND LIFE SCIENCE HUB board chairman Neil Steinberg said during a board meeting Tuesday that a “long shot” goal would be to have a candidate to present to the Senate before May 21, which is also when the hub is hosting its inaugural summit. / PBN FILE PHOTO/DAVID HANSEN

PROVIDENCE – With an “aggressive” deadline looming, the R.I. Life Science Hub is expecting to send an offer letter to its first CEO in May. The quasi-public agency was established through legislation passed in 2023 that is tasked with coordinating investments and development of the state’s biotech and life science industries. The hub, which is

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PROVIDENCE – With an “aggressive” deadline looming, the R.I. Life Science Hub is expecting to send an offer letter to its first CEO in May. The quasi-public agency was established through legislation passed in 2023 that is tasked with coordinating investments and development of the state’s biotech and life science industries. The hub, which is supported with $45 million in state funding, has gotten up and running this year with its 15-member volunteer board holding its first meeting in January. The board has been clear that at the top of the hub’s to-do list has been finding a CEO. But because the candidate must be approved by the Senate and with the legislative session ending in June, the hub has been on a tight deadline to secure its leader this year. During a board meeting Tuesday morning, Neil Steinberg, the quasi-public agency’s board chairman, said a “long shot” goal would be to have a candidate to present to the Senate before May 21, which is also when the hub is hosting its inaugural summit. The search started off with more than 225 potential candidates and sources from across the country and world that was narrowed down to a long list of 12 to be presented to the search committee, said Phillip Duffy, a partner with Korn Ferry, the Boston-based search firm hired to help find the hub’s CEO. Out of those 12 candidates, seven were selected to be interviewed, Duffy said. This week the committee is scheduled to conduct more interviews before selecting the top three or four candidates who would participate in finalist interviews scheduled for May 8 and 9. After that the goal will be for the hub to select its new CEO. Duffy said the firm is still meeting with potential candidates, though he doesn’t expect anyone will rise above those already being interviewed. “There is a continued amount of interest,” Duffy said during the meeting Tuesday. “The feeling is palpable of people being very excited about this.” Before the hub presents any candidate to the Senate, Steinberg noted it’s important to have a deal pinned down with candidates. The annual salary for the CEO has estimated to fall between $250,000 to $400,000, but before an offer letter can be sent Steinberg said a benefits package still has to be prepared. He said the hub will be looking to other quasi-public agencies that are structured similarly for guidance on a benefits package. Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.