PROVIDENCE – The R.I. Life Science Hub is forgoing its previous “aggressive” goal of selecting a CEO this month and is instead planning to choose an interim president.
Neil D. Steinberg, board chairman of the quasi-public agency, previously set a
“long shot” goal of selecting a CEO before May 21, which is when the hub will host its
inaugural summit. Because the candidate must be approved by the R.I. Senate – and the legislative session ends in June – the hub has been on a tight deadline.
On Thursday, Steinberg told Providence Business News it’s not likely the board will name a CEO before the end of the General Assembly session, but it is expecting to announce an interim president in the next month while the search for a permanent leader is ongoing. Steinberg was not able to provide specifics on the candidate but said the interim president would not have to be confirmed by the Senate.
Steinberg attributed the delay of the search process to over-optimism for how quickly the hub, which held its first meeting in January, would be able to select a leader. Coordinating the 15-member board – which is made up of CEOs, college presidents and industry leaders – and going through information on each candidate simply took longer than expected, he said.
“Given how important it is to select the right person to be CEO of the hub, the board is taking great care to make certain that whoever is chosen is the best fit for the job, with a vision for the hub that maximizes the tremendous potential of Rhode Island in the life sciences,” Steinberg said.
In the meantime, Steinberg said an interim leader will help the hub to continue its work. Among the hub’s focuses are developing incubator lab space, planning how to best allocate the $45 million in state funds, as well as coordinating logistics and support for more than 500 people for its inaugural summit.
Responses for a request for proposals that the hub issued for a developer of wet lab and incubator space were due Wednesday, though details of how many proposals were submitted was not available Thursday.
“Having an interim leader in place will allow that work to continue on a daily basis and our momentum to build until we find the right person for the permanent role,” Steinberg said.
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, at a board meeting on April 23.
Out of those 12 candidates, Duffy said seven were selected to be interviewed and the board was expected to select the top three or four candidates who would participate in finalist interviews. The board held two executive sessions on May 9 and May 15 to discuss the remaining candidates.
Steinberg did not specify how many candidates the hub is still considering and it is not clear when the board will meet again.
Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.
