Joydeep Goswami
BIOLIFE SOLUTIONSAbout Joydeep Goswami
Joydeep Goswami (age 53) has served on BioLife Solutions’ board since October 2021, currently chairing the Governance & Nominating Committee and serving on the Audit Committee; he also chaired the Audit Committee from August 2024 to March 2025 . He is President & CEO of LGC Group (appointed January 2025), and previously was CFO and Chief Strategy & Corporate Development Officer at Illumina (Feb 2023–Apr 2024) and an Advisor to Illumina (Apr–Dec 2024) . Earlier roles include President, Clinical NGS & Oncology at Thermo Fisher (Jul 2016–Aug 2019), leadership positions at Life Technologies (2008–2013) and Invitrogen (2003–2008), and five years at McKinsey; he holds an MS/PhD in Chemical Engineering and an MBA from MIT and a BS in Chemical Engineering from IIT .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Illumina, Inc. | CFO & Chief Strategy and Corporate Development Officer | Feb 2023–Apr 2024 | Drove planning, strategic partnerships, and acquisitions |
| Illumina, Inc. | Advisor | Apr 2024–Dec 2024 | Strategic advisory role |
| Thermo Fisher Scientific | President, Clinical NGS & Oncology | Jul 2016–Aug 2019 | Oversaw adoption of NGS in clinical oncology, research, reproductive health |
| Thermo Fisher Scientific | President, Asia Pacific & Japan | Prior role before 2016 | Led regional operations |
| Life Technologies Corp. | Senior leadership roles | 2008–2013 | Various functional leadership positions |
| Invitrogen Corp. | Senior leadership roles; created Stem Cells & Regenerative Medicine BU | 2003–2008 | Built new business unit |
| McKinsey & Company | Strategy consultant | ~5 years (prior) | Specialized in pharma, medtech, technology strategy |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| LGC Group | President & CEO | Jan 2025 | International life sciences measurement/tools company |
| Other public company boards | — | — | None disclosed in BLFS proxy biography and directorship listings |
Board Governance
- Independence: Board determined Goswami is independent under Nasdaq Rule 5605(a)(2) and SEC rules .
- Board/Committee composition and roles:
- Board Director
- Governance & Nominating Committee: Chair
- Audit Committee: Member; Audit Chair Aug 2024–Mar 2025
- Compensation Committee: Not a member .
- Board/Committee meetings and attendance: Board met 14 times; Audit met 5; Compensation met 2; Governance met 2 in 2024; each incumbent director attended ≥75% of meetings they were responsible for attending .
- Annual stockholder meeting attendance: At the August 1, 2024 annual meeting, only Amy DuRoss and Roderick de Greef attended (implying Goswami did not attend) .
- Audit Committee practices: All Grant Thornton services in 2024 and 2023 were pre-approved; committee affirmed auditor independence and recommended inclusion of audited financials in 2024 10-K .
Committee Assignments Table
| Committee | Role | Tenure |
|---|---|---|
| Governance & Nominating | Chair | Ongoing (Chair noted in 2025 proxy) |
| Audit | Member | Ongoing; Chair Aug 2024–Mar 2025 |
| Compensation | — | Not a member |
Fixed Compensation
| Component (2024) | Amount |
|---|---|
| Annual cash retainer | $60,000 |
| Board and Committee Chair fees (prorated) | $15,729 (reflects Audit Chair from Aug 2024 and Governance Chair) |
| Total cash compensation | $75,729 |
Director compensation policy update (adopted early 2025, effective Jan 1, 2026): annual cash retainer $70,000; Audit Chair $20,000; Compensation Chair $15,000; Governance Chair $10,000; Lead Independent Director $40,000; option to elect shares in lieu of cash .
Performance Compensation
| Award | Grant Mechanics | Grant Date | Number of RSUs | Grant Date Fair Value | Vesting |
|---|---|---|---|---|---|
| Annual RSU award (non-employee directors) | Fixed nominal value $180,000; share count = $180,000 / closing price | March 8, 2024 (awarded; RSU value set Jan 2, 2024) | 11,264 (for each non-employee director) | $195,543 (accounting grant date fair value for 2024) | One-year cliff from grant date, contingent on continued service; acceleration upon death, disability, or change of control per policy effective 2026 |
| Performance Metrics Tied to Director Compensation | Status |
|---|---|
| Revenue/EBITDA/TSR/ESG metrics | None disclosed for director RSUs (time-based vesting) |
Other Directorships & Interlocks
| Company | Ticker | Role | Committee Roles | Notes |
|---|---|---|---|---|
| — | — | — | — | BLFS disclosed no interlocking relationships between any Board/Comp Committee member and other companies’ boards/comp committees for 2024 |
| 908 Devices Inc. (context: another BLFS director) | MASS | Tony Hunt serves on board (not Goswami) | — | For network context; not an interlock for Goswami |
Expertise & Qualifications
- Strategic and financial leadership across life sciences tools, diagnostics, and bioprocessing; senior roles at Illumina, Thermo Fisher, Life Technologies, Invitrogen; prior McKinsey strategy consulting .
- International operations experience (Asia Pacific & Japan leadership) .
- Advanced technical and business education (MS/PhD Chemical Engineering and MBA from MIT; BS from IIT) .
Equity Ownership
| Holder | Common Stock Beneficially Owned (as of Jun 23, 2025) | % of Class | Notes |
|---|---|---|---|
| Joydeep Goswami | 41,110 | <1% | Based on 47,835,214 shares outstanding |
| Unvested RSUs (as of Dec 31, 2024) | Amount |
|---|---|
| Joydeep Goswami | 11,264 |
- Pledging/Hedging: Proxy does not report any share pledging by Goswami; insider trading policy in place company-wide .
- Ownership guidelines: No director stock ownership guideline disclosure identified for Goswami; policy centers on RSU grants and retainers, with new director compensation policy effective 2026 .
Say-on-Pay and Shareholder Voting Signals
| Proposal | Votes For | Votes Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| 2025 Say-on-Pay (NEO compensation) | 38,403,856 | 2,060,352 | 84,480 | 2,514,349 |
| Director Election (2025) | Shares Voted For | Shares Withheld | Broker Non-Votes |
|---|---|---|---|
| Joydeep Goswami | 23,021,878 | 17,526,810 | 2,514,349 |
| Context – other nominees | e.g., Cathy Coste: 40,460,424 For; 88,264 Withheld; 2,514,349 Broker Non-Votes |
- Goswami’s relatively high “withheld” votes versus other nominees may indicate investor scrutiny; he was nonetheless re-elected in 2025 .
Related Party Transactions and Conflicts
- BLFS disclosed no related-party transactions >$120,000 since Jan 1, 2024 involving directors or officers, including Goswami; Audit Committee reviews and must approve any such transactions .
- Auditor independence and pre-approval controls maintained; 2024 total auditor fees $2,646,273; all services pre-approved by Audit Committee .
Compensation Peer Group (Context for pay benchmarking)
- FW Cook advised BLFS in Jan 2024 using a 20-company peer set across bioprocessing/life sciences/biotech; committee generally targets ~50th percentile for NEO total compensation; the peer set also informed director compensation levels .
Governance Assessment
- Strengths: Independent director; deep financial and strategic tool-sector experience; chairs Governance & Nominating and served as Audit Chair during a transition, supporting oversight of financial reporting and board composition . Equity grants align directors with shareholders via annual RSUs; beneficial ownership present though <1% .
- Engagement: Met ≥75% attendance thresholds in 2024; active committee roles; however, did not attend the 2024 annual stockholder meeting, while only two directors attended, which is a modest engagement signal .
- Risks/Red Flags: Elevated “withheld” votes in 2025 director election relative to peers, suggesting investor caution; re-elected nonetheless . No related-party transactions reported; no share pledging reported, mitigating conflict/alignment concerns .
- Compensation Structure: Director pay is cash retainer plus time-based RSUs without performance conditions; policy revised effective 2026 to increase cash retainers and maintain $180k RSU grants with potential acceleration on death/disability/change in control—appropriate alignment but limited pay-for-performance features common to director programs .