In a significant corporate shakeup, former Woodside Energy chief executive Peter Coleman has been appointed as the new chair of PYC Therapeutics, stepping into the role following a dramatic board implosion that rocked the biotechnology firm.
Board Crisis Precedes Leadership Change
The appointment comes after an embarrassing sequence of events in September that saw PYC's managing director Rohan Hockings abruptly resign on September 17, only to be reinstated just five days later. The sudden management turmoil sent the company's share price into a downward spiral, prompting concerns among investors about the stability of the biotech's leadership.
Current chair Alan Tribe will step down following next week's annual general meeting, having withdrawn his nomination for re-election. The leadership transition forms part of PYC's commitment to board renewal following what many described as a corporate farce that damaged shareholder value.
Explaining the Sudden Resignation and Return
For three weeks, PYC Therapeutics kept shareholders in the dark about the reasons behind Dr Hockings' unexpected departure and rapid return. The mystery was finally broken when the managing director addressed investors in an online meeting, revealing the episode stemmed from a clash over strategic direction with certain board members.
Directors had been pushing for a shift in strategy that would prioritize PYC's most advanced projects while sidelining others to achieve quicker returns. Dr Hockings' comments during the investor briefing indicated his perspective had ultimately prevailed, with the managing director asserting he now maintains firm control over PYC's future direction.
"We understand we have not met expectations over the past month, and that we have an immediate obligation to restore the confidence of the capital markets," Dr Hockings told investors, acknowledging the damage caused by the boardroom drama.
Coleman Brings Extensive Experience to Biotech Role
PYC Therapeutics announced on Thursday that Mr Coleman's appointment brings deep experience across both commercial and corporate governance domains, with particular expertise in corporate and asset-level mergers and acquisitions. The former Woodside CEO led the energy giant for a decade until his departure in 2021.
"These skills will be valuable to the company in the next phase of its journey," the company stated, highlighting the importance of Mr Coleman's background as PYC navigates its next development stages.
The biotechnology firm is currently developing four RNA-based drugs targeting rare genetic diseases, including treatments for retinitis pigmentosa – a degenerative eye condition considered the leading cause of childhood blindness – and polycystic kidney disease.
"The potential to demonstrate patient impact over the coming 24 months is going to create multiple commercial options for PYC and I look forward to applying my expertise in this area," Mr Coleman commented in the company's official statement.
As part of his compensation package, PYC will issue the new chair two million unlisted options exercisable at $1.80 each before December 2028. The market responded positively to the leadership announcement, with PYC shares climbing six percent to reach $1.26 in early trading.
