Mark Turco was only one year into his three-year contract to oversee the R.I. Life Science Hub, but he's decided to leave. His last day will be March 11.
The state-funded agency was formed in 2023 to lead the effort to build the sector in Rhode Island. Leaders wanted to attract clusters of biotech firms with high-paying jobs, and Turco was appointed as CEO and president last year after a nationwide search, earning $400,000 annually.
It took a while to get to this point of hiring Turco, with officials spending much of 2024 structuring the hub's board and its governance.
But the Life Science Hub had experienced some recent momentum, including the news on March 2 that Ireland-based MedTech firm Symphysis Medical will establish a U.S. headquarters in the hub's newly constructed business incubator Ocean State Labs.
The reason for Turco's sudden departure wasn't made clear, but an announcement said he was returning to the private sector to be the CEO of a medical device company. An interim chief will be named while a search is held to find Turco’s successor, the state said.
It remains to be seen how this early change in leadership will affect the state's effort to build the sector. But it comes as the $45 million infusion that state lawmakers allocated in 2023 to get the hub off the ground is set to expire at the end of 2026.
[totalpoll id="517826"]