The Rhode Island Life Science Hub board unanimously voted to extend an offer to a candidate to serve as president and CEO at a meeting Thursday. (Screenshot)
The board of directors for Rhode Island’s new life science agency has picked a prospective full-time leader— but they’re not saying who until the offer is accepted and the contract is finalized.
The Rhode Island Life Science Hub board’s unanimous vote Thursday to make an offer to a candidate for agency president and CEO came after a seven-hour, closed-door meeting.
The search drew 320 applicants, winnowed to three finalists who were interviewed on Thursday, according to information provided by Jillian Scott, an agency spokesperson.
Finding a full-time, paid leader to head the nascent agency — complementing its 15-member, volunteer board — has been a top priority since the board began meeting in January, though the search has taken longer than initially expected. In June, the board agreed to hire a former board member, Patrice Milos, to serve as interim president for a three-month contract until a permanent president was found.
The board’s choice for president must also be reviewed and confirmed by the Rhode Island Senate, per the terms of the 2023 state law that created it. The Rhode Island General Assembly is slated to reconvene in January.
David Preston, another agency spokesperson, would not say when contract negotiations with the candidate chosen by the board will be finalized. A second candidate has also been identified if the board’s first choice declines the offer, Neil Steinberg, board chairman, said at the close of the meeting.
Terms of the contract, including salary, are not being disclosed at this time. Initial estimates by consulting firm Korn Ferry, which was hired to help with the nationwide search for a president, pegged the pay at $250,000 to $400,000 per year.
The state’s fiscal 2024 spending plan included $45 million for the new life science agency, with the goal of helping put Rhode Island on the map as a hotspot for industry innovation and development.
Earlier this month, the board approved a tentative, $10 million agreement with various public and private agencies for a dedicated wet lab incubator within the new state health lab being built in the I-195 Redevelopment District. The contract, subject to a final approval, puts developer Ancora L&G in charge of operating a 30,000-square-foot laboratory within building space already leased by Brown University.
GET THE MORNING HEADLINES.