BenevolentAI CEO steps down as founders make a comeback
Ken Mulvany speaking at a BenevolentAI event in 2018
Jörg Möller's sojourn as chief executive of BenevolentAI has come to an abrupt end after just nine months, as the company names co-founder Ken Mulvany as its executive chairman.
The UK specialist in applying artificial intelligence to drug discovery – which has seen a turbulent couple of years that saw it launch a restructuring drive and sweeping cuts to personnel and R&D programmes – said new leadership is needed to take the company forward.
Former LEO Pharma and Bayer executive Möller stepped into the CEO role in January after the departure of Joanna Shields last year, just as the restructuring programme was reaching its conclusion, but is now stepping down "with immediate effect" to allow Mulvany to take the reins.
The revamp was swiftly rewarded towards the end of 2023 with an alliance with German group Merck, worth up to $594 million, to apply its AI platform to deliver small-molecule drugs across three programmes in oncology, neurology, and immunology.
Mulvany – who left the company when it listed on the Amsterdam stock exchange in 2022 and retains a sizeable stake in the company – expressed his" warmest and heartfelt thanks" to Möller for his "commitment and stewardship of BenevolentAI."
The company was the first to achieve FDA approval for an AI-identified drug in 2022, after the regulator authorised a new use for Lilly's Olumiant (baricitinib) in COVID-19, and has built a "robust pipeline of potential first-in-class medicines for unmet medical needs," he said.
However, Mulvany believes it has "only scratched the surface of our platform's incredible potential," adding: "To fully unlock its value, we need leadership that can navigate the intricate interplay of AI technologies and their role in shaping the future of drug discovery and development."
Brennan also returns
In a further shake-up of BenevolentAI's management, another co-founder – Michael Brennan – has been appointed chief strategy and financial officer and will also join the board as an executive director. He rejoins the company after departing two years ago to take up roles in the fintech and AI tech sectors.
Mulvany's return will also see chairman Peter Allen step down to the role of deputy chairman, while Jean Raby and Dr John Orloff are stepping down from the board.
Before setting up BenevolentAI Mulvany was CEO of Proximagen, a UK-listed biotech specialising in neurodegenerative diseases that was sold to Upsher-Smith Laboratories for $553 million in 2012.
He has been pressing for changes at the AI specialist for some time after voicing concerns about "cost management, business development resourcing, strategy, investor relations and governance," prompting the departure in May of former executive chair and acting CEO François Nader as well as three non-executive directors.
Shares in BenevolentAI rose around 7% in the wake of the announcement.
