Murray Stewart
Camp4 TherapeuticsAbout Murray Stewart
Murray Stewart, DM FRCP, age 64, joined CAMP’s Board in March 2025 as a Class II independent director. He holds a Doctor of Medicine from Southampton Medical School and is a Fellow of the Royal College of Physicians, with prior leadership roles including Chief Medical Officer at GlaxoSmithKline and senior clinical development positions across biopharma; CAMP cites his research, clinical development, and regulatory strategy expertise as qualifications for Board service .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| X4 Pharmaceuticals | Interim Chief Medical Officer | Nov 2022 – Sep 2023 | Oversaw clinical leadership during interim period |
| Rhythm Pharmaceuticals | Senior Medical Advisor | Sep 2021 – Sep 2022 | Advisory role following prior CMO tenure |
| Rhythm Pharmaceuticals | Chief Medical Officer | 2018 – Sep 2021 | Led clinical development and regulatory strategy |
| Novelion Therapeutics | Head of Research & Development | 2017 – 2018 | R&D leadership |
| GlaxoSmithKline | Chief Medical Officer (Global Patient Well‑being) | 2014 – 2017 | Responsibility across vaccine, pharma, and consumer units |
| GlaxoSmithKline | Multiple R&D leadership roles | Prior to 2014 | CMO for pharma business, Clinical Head Biopharma Unit, Therapy Area Head metabolic/cardiovascular |
| Diabetes Center, Newcastle upon Tyne (UK) | Consultant Physician & Honorary Senior Lecturer | Prior to GSK | Academic and clinical practice |
External Roles
| Company | Role | Tenure | Committees/Notes |
|---|---|---|---|
| X4 Pharmaceuticals | Director | Since Mar 2019 | Interlock: CAMP director Paula Ragan is X4 CEO and board member |
| VectivBio Holding AG | Director | Jul 2021 – May 2023 | Prior public board service |
| Amarin Corporation plc | Director | Jan 2023 – Mar 2023 | Prior public board service |
- Interlocks and information flow: Paula Ragan (X4 CEO and director) sits on CAMP’s Board; Stewart serves on X4’s Board, creating a potential network interlock. No related-party transactions involving Stewart are disclosed .
Board Governance
- Independence: The Board determined all directors other than the CEO (Mandel‑Brehm) are independent under Nasdaq rules; Stewart qualifies as independent .
- Classification and appointment: Class II director; appointed March 17, 2025 .
- Committee assignments: As of the proxy, Stewart is not listed on Audit, Compensation, or Nominating & Corporate Governance committees; Audit members are Higgins, Boylan, Chakravarty, Williams (chair: Higgins); Compensation members are Holtzman (chair), Higgins, Young; Nominating members are Ragan (chair), Thadhani, Boylan, Holtzman. A Research & Development Committee exists (chair fee framework disclosed), but current membership is not detailed .
- Attendance: Board held 5 meetings in FY2024 and each director met at least 75% attendance, but Stewart joined in 2025; no Stewart-specific attendance disclosed .
| Committee | Stewart Membership | Source |
|---|---|---|
| Audit | Not a member | |
| Compensation | Not a member | |
| Nominating & Corporate Governance | Not a member | |
| Research & Development | Not disclosed |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non‑employee director) | $40,000 | Effective upon IPO completion (Oct 2024) |
| Audit Committee member retainer | $7,500 | Not applicable to Stewart unless assigned |
| Compensation Committee member retainer | $5,000 | Not applicable to Stewart unless assigned |
| Nominating & Corp Gov Committee member retainer | $5,000 | Not applicable to Stewart unless assigned |
| Research & Development Committee member retainer | $5,000 | Not applicable to Stewart unless assigned |
| Chair uplifts (Board $70k; Audit $15k; Comp $10k; Nominating $10k; R&D $10k) | Varied | Not applicable to Stewart |
| Cash retainer confirmation (appointment) | Policy applies to Stewart | Stewart will receive Board cash retainers under policy |
Performance Compensation
| Award Type | Grant Date | Shares | Vesting | Notes |
|---|---|---|---|---|
| Stock option (initial director grant) | Mar 17, 2025 | 17,787 | Monthly over 3 years, service-based | Granted under 2024 Plan at appointment |
| Policy amendment (initial grant for future appointees) | Apr 1, 2025 (policy effective) | 18,000 | Monthly over 3 years | Applies to directors first elected/appointed after Apr 1, 2025 (post-Stewart) |
| Annual option (continuing directors) | Fiscal 2025 onward | 9,000 | Vests in full by 1st anniversary or next annual meeting | Policy term; actual grants to individuals not disclosed |
No strike price, fair value, or performance metrics are disclosed for director equity awards; vesting is time-based .
Other Directorships & Interlocks
| Relationship | Details | Governance Signal |
|---|---|---|
| X4 Pharmaceuticals interlock | Stewart is X4 director; CAMP director Paula Ragan is X4 CEO and director | Information flow potential; monitor conflicts; no related-party transactions for Stewart disclosed |
| Investor-affiliated directors on CAMP | Boylan (Enavate), Nashat (Polaris), Schwab (5AM), Chakravarty (Northpond) | Stewart is not listed among investor-affiliated directors; supports independence |
Expertise & Qualifications
- DM from Southampton Medical School; Fellow of the Royal College of Physicians .
- Former CMO at GSK with global oversight across vaccines, pharma, and consumer; multiple R&D leadership roles at GSK .
- Senior clinical development leadership across Rhythm, Novelion; interim CMO at X4 .
- CAMP Board assessment emphasizes his biopharma leadership and regulatory strategy experience .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 988 | Beneficial ownership includes shares and options exercisable within 60 days; as of Mar 31, 2025 |
| Ownership % of outstanding | <1% | Based on 20,161,073 shares outstanding |
| Shares outstanding (basis for % calc) | 20,161,073 | As of Mar 31, 2025 |
| Unvested option grant (alignment indicator) | 17,787 options | Granted at appointment; time-based vesting |
No pledging, hedging, or ownership guideline compliance details are disclosed for Stewart. The Compensation Committee is responsible for recommending ownership guidelines, but specific multiples are not provided .
Governance Assessment
-
Positive signals
- Independent director with deep clinical and regulatory credentials; strengthens Board’s scientific oversight .
- No arrangements/understandings tied to appointment and no related‑party transactions over $120,000; standard indemnification only .
- Equity compensation structured as multi‑year time‑vested options, aligning with long‑term value creation .
-
Watch items
- Network interlock with X4 (Stewart a director; Ragan is X4 CEO and CAMP director). While common in biotech ecosystems, monitor for potential conflicts and ensure recusal practices are robust if CAMP engages with X4 .
- Initial lack of disclosed committee assignments may limit direct oversight involvement in key areas until assignments evolve .
- Low initial beneficial ownership (<1%) typical for a new director; investors may watch for increased long-term ownership to reinforce alignment .
-
Company-level governance context (not Stewart-specific)
- Prior forgiveness of CEO/CFO promissory notes and tax bonuses provided in Jan 2025 may draw governance scrutiny; ensure compensation committee oversight and rationale are transparent in future disclosures .