Frank McCormick
BridgeBio PharmaAbout Frank P. McCormick, Ph.D., F.R.S., D.Sc.
Frank McCormick (age 74 as of March 31, 2025) is a Class I director of BridgeBio Pharma, serving since February 2023, and concurrently the Company’s Chairman of Oncology since April 2019 . He is a Professor at the UCSF Helen Diller Family Comprehensive Cancer Center and previously served as its Director and Associate Dean of the UCSF School of Medicine (1997–2014) . Dr. McCormick holds a B.Sc. in biochemistry from the University of Birmingham and a Ph.D. in biochemistry from the University of Cambridge, with postdoctoral fellowships at SUNY Stony Brook and Imperial Cancer in London; he is a Fellow of the Royal Society and a member of the National Academy of Sciences .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UCSF Helen Diller Family Comprehensive Cancer Center | Director; Associate Dean, UCSF School of Medicine | 1997–2014 | Led comprehensive cancer center; senior academic leadership |
| National Cancer Institute (Frederick National Lab) | Leader, Ras Initiative | Since 2013 | Oversaw national effort to develop therapies for Ras-driven cancers |
| Onyx Pharmaceuticals | Founder; Chief Scientific Officer | Founded 1992; CSO until 1996 | Built oncology biotech platform |
| Chiron Corporation | Vice President of Research | 1991–1992 | Directed research operations |
| Cetus Corporation | Director of Molecular Biology; VP of Research | 1981–1990; 1990–1991 | Led molecular biology and research functions |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UCSF | Professor | Since 1997 | Research and clinical leadership |
| American Association for Cancer Research | President | 2012–2013 | Field leadership in oncology research |
| Olema Pharmaceuticals, Inc. (Nasdaq: OLMA) | Director (prior) | Dec 2014–Apr 2021 | Board service (ended) |
| Aduro Biotech, Inc. (Nasdaq: KDNY) | Director (prior) | 2010–Feb 2019 | Board service (ended) |
Board Governance
- Independence: The Board determined all directors except Drs. Neil Kumar, Charles Homcy, and Frank McCormick are independent; therefore Dr. McCormick is not independent .
- Committees: Not listed as a member of the Audit, Compensation, or Nominating & Corporate Governance Committees (Audit: Ellis, Dachille, Aguiar, Scott; Compensation: Daniels, Hassan, Satvat, Cook; Nominating: Satvat, Dachille, Lo, Valantine) .
- Attendance: In 2024, the Board held nine meetings; all directors then serving attended at least 75% of Board and applicable committee meetings during their service periods .
- Board class/term: Class I director serving until the 2026 annual meeting .
- Board leadership context: Lead Director (Dr. Homcy) and Lead Independent Director (Mr. Hassan) roles are separate from the CEO to enhance oversight .
Fixed Compensation (Director)
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $50,000 | Standard outside director retainer; no additional meeting/committee fees |
| Consulting fees (related party) | $500,000 | Oncology/pipeline consulting per agreement effective Jan 1, 2021 |
| Total cash received (director + consulting) | $550,000 | Sum of retainer and consulting |
- Director compensation policy caps: Annual aggregate compensation for continuing outside directors limited to $600,000; $1,250,000 cap applies in the initial election year .
- Expense reimbursement: Reasonable out-of-pocket expenses reimbursed for Board/committee attendance .
Performance Compensation (Director Equity)
| Grant Type | Grant Value (Fair Value) | Grant Date/Timing | Vesting | Term | Exercise Price Basis |
|---|---|---|---|---|---|
| Annual Non-Statutory Stock Option | $549,998 | Granted on 2024 annual meeting date | Vests in three equal annual installments over 3 years | 10 years | Closing price on grant date |
- Director equity grants fully accelerate upon a “sale event” under the 2021 Plan .
Other Directorships & Interlocks
| Company | Current/Prior | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Olema Pharmaceuticals (Nasdaq: OLMA) | Prior | Director | No current interlock disclosed |
| Aduro Biotech (Nasdaq: KDNY) | Prior | Director | No current interlock disclosed |
No current public company directorships disclosed for Dr. McCormick; principal external affiliations are academic/government research roles .
Expertise & Qualifications
- Oncology and genetics: Extensive scientific leadership in oncology, including founding Onyx Pharmaceuticals and leading the NCI Ras Initiative .
- Academic credentials: Fellow of the Royal Society; member of the National Academy of Sciences .
- Board qualifications: Significant scientific background and biotech founding/operator experience cited by the Company as qualifications for Board service .
Equity Ownership
| Metric | Amount | Detail |
|---|---|---|
| Total beneficial ownership | 1,493,119 shares | Less than 1% of outstanding shares (based on 189,856,023 shares) |
| Breakdown – shares held | 1,092,665 shares | 112,686 directly; 979,979 via Francis P. McCormick Rev Trust (Trustee) |
| Options exercisable within 60 days | 400,454 shares | Included in beneficial ownership under SEC rules |
| Outstanding options (total) | 479,406 shares | As of Dec 31, 2024 |
| Hedging/pledging | Prohibited for insiders | Company insider trading policy bans hedging/pledging; no pledging disclosed |
Governance Assessment
- Independence/Conflicts: Dr. McCormick is not independent and received $500,000 in consulting fees in 2024 while serving as Chairman of Oncology, a clear related-party arrangement; this presents a potential conflict and alignment risk for investors assessing Board objectivity (RED FLAG) .
- Committee Role: No committee memberships, which limits direct influence over audit, compensation, and governance processes; however, non-independence would have precluded service on key committees under Nasdaq rules .
- Engagement: Met the Company’s attendance threshold (>75%); Board held nine meetings in 2024, supporting baseline engagement expectations .
- Compensation Alignment: Director pay mix is heavily option-based with three-year vesting and sale-event acceleration, promoting equity alignment; yet concurrent consulting cash may dilute “at-risk” orientation for the director role .
- Ownership: Meaningful personal and trust holdings plus vested options demonstrate skin-in-the-game, though overall stake is <1% of outstanding shares .
- Policies: Company-level anti-hedging/pledging and clawback policies mitigate risk; clawback applies to executive incentive compensation under Nasdaq Rule 10D-1, enhancing governance posture .
Implications: Investors should weigh the benefits of Dr. McCormick’s deep oncology expertise against the non-independence and related-party consulting fees. The structure limits committee influence but raises questions about oversight objectivity; continued transparency and clear scoping of consulting services are important to sustain investor confidence .