Arcutis Biotherapeutics has added pharmaceutical-industry veteran Robert Scott to its board, expanding the board from 10 members to 11. Scott will also join the board’s Nominating and Corporate Governance Committee.
Scott is a physician who held senior development roles at AbbVie and Amgen, among other drugmakers. His appointment adds an independent director with extensive experience in drug development and pharmaceutical leadership.
Key details
- Scott was appointed on Oct. 23 as a Class II director. His term runs through the company’s 2028 annual meeting, subject to earlier departure.
- At AbbVie, he was chief medical officer and head of development from 2016 until his retirement in 2020. Before that, he was a vice president at Amgen, leading several therapeutic areas and the company’s Development Design Center.
- Earlier in his career, Scott held research and development leadership roles at Cerenis Therapeutics and AtheroGenics, and spent a decade at Pfizer, most recently as a worldwide therapeutic head for cardiovascular and metabolic medicine.
- Scott currently serves on the boards of four private biotechnology companies. He also previously served on the boards of Windtree Therapeutics, Redx Pharma and ArisGlobal.
- As a non-employee director, he is eligible for prorated annual compensation, including cash retainers of $50,000 for board service and $5,000 for committee service. He also received an initial option award covering 20,507 shares and is eligible for a prorated annual equity award with a stated fair value of about $350,000, allocated between stock options and restricted stock units.
- The initial options vest in three equal annual installments. The prorated annual equity award is scheduled to vest immediately before the annual meeting following its grant, provided Scott remains in service.
The board’s expansion creates an additional seat, and Scott’s appointment fills it. The company says he meets Nasdaq and SEC independence standards.