Marvin White
Emergent BioSolutionsAbout Marvin White
Marvin White, age 63, is an independent Class III director of Emergent BioSolutions (EBS) with a current term expiring at the 2027 annual meeting; he first joined the EBS board in June 2010, resigned in May 2016, and rejoined in October 2020 . He is President & CEO and a director of Aptevo Therapeutics and previously served as CFO of St. Vincent Health and CFO of Lilly USA; he holds a B.S. in Accounting (Wilberforce University) and an MBA in Finance (Indiana University) . The Board has determined he is independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Emergent BioSolutions | Director (first tenure) | Jun 2010 – May 2016 | Resigned in 2016; served as consultant to EBS prior to joining Aptevo |
| St. Vincent Health | Chief Financial Officer | 2008 – Mar 2014 | Led finance, materials management, accounting, patient financial services, managed care across 19 hospitals/36 JVs |
| Eli Lilly and Company (Lilly USA) | CFO, Lilly USA; leadership roles in Treasury, Corporate Finance & Investment Banking (Corporate Strategy Group) | Prior to 2008 | Senior finance leadership, capital strategy experience |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Aptevo Therapeutics Inc. | President & CEO; Director | Aug 2016 – present | Public biotech; EBS Board Chair Dr. Zsolt Harsanyi also serves as Aptevo director (interlock) |
| OneAmerica Financial Insurance Partners, Inc. | Director | Current | Mutual insurance/financial services (Indianapolis) |
| Delta Dental of Washington | Director | Current | Dental insurer (Seattle) |
| Washington Prime Group (NYSE REIT) | Director | Jun 2014 – Aug 2016 | Former public company board |
| CoLucid Pharmaceuticals, Inc. | Director | Jul 2015 – Mar 2017 | Former public biopharma board |
Board Governance
- Independence and service: Independent director (NYSE 303A.02); Class III term through 2027; on EBS board since 2020 (current tenure) with prior 2010–2016 service .
- Committee leadership and expertise:
- Audit & Finance Committee: Chair and designated “Audit and Finance Committee Financial Expert” .
- Scientific Review Committee: Member .
- Special Transactions Committee: Member .
- Meetings and attendance: In 2024 the Board met 7 times and committees met 47 times in aggregate; no director attended fewer than 75% of applicable meetings (committee meetings: Audit & Finance 7; Scientific Review 4; Special Transactions 14) .
- Risk oversight: As Audit & Finance Chair, oversees risk management, internal control over financial reporting, disclosure controls, compliance program, and reviews/approves related-person transactions .
- Governance structure: Independent Board Chair; independent directors meet in executive session .
Fixed Compensation
| Component | Amount | Period/Notes |
|---|---|---|
| Fees earned or paid in cash (Marvin White) | $115,000 | FY2024 director cash compensation |
| Board annual retainer (program) | $70,000 | 2024 and 2025 non-employee director retainer |
| Committee Chair retainer – Audit & Finance | $25,000 | 2024 and 2025 program; applicable to Mr. White as chair |
| Committee member retainer – Audit & Finance | $15,000 | 2024 and 2025 program |
| Committee member retainer – other committees | $10,000 | 2024 and 2025 program |
| Board meeting fees | None | 2024 and 2025 program |
Performance Compensation
| Equity Element | Mix/Value | Vesting/Notes |
|---|---|---|
| Stock awards (Marvin White) | $175,000 (grant date fair value) | FY2024 non-employee director equity (program mix 50% RSUs / 50% stock options) |
| Annual equity award (program) | $175,000; 50% RSUs / 50% options | 2024 non-employee director program |
| Annual equity award (program change) | $250,000; 75% RSUs / 25% options | 2025 non-employee director program |
Note: Director equity is time-based; no performance metrics apply to director awards in the program disclosures .
Other Directorships & Interlocks
| Entity | Relationship to EBS | Interlock/Conflict Notes |
|---|---|---|
| Aptevo Therapeutics Inc. | Mr. White is CEO & Director | EBS Board Chair Dr. Zsolt Harsanyi is also a director at Aptevo (board interlock) . EBS policy states Audit & Finance Committee reviews/approves related-party transactions; Company disclosed none since Jan 1, 2024 . |
Expertise & Qualifications
- Financial leadership and audit expertise: Former CFO (St. Vincent Health; Lilly USA) and designated Audit Committee Financial Expert at EBS .
- Biopharma operating leadership: CEO of Aptevo; prior senior roles at Eli Lilly .
- Education: B.S. in Accounting (Wilberforce University); MBA in Finance (Indiana University) .
Equity Ownership
| Holder | Outstanding Shares Beneficially Owned | Right to Acquire within 60 Days | Total Beneficial Ownership | % Outstanding |
|---|---|---|---|---|
| Marvin White | 33,849 | — | 33,849 | <1% |
- Basis/date: Ownership as of March 3, 2025; 54,337,026 shares outstanding .
- Stock ownership guidelines: Directors must hold shares = 5x annual board retainer; options excluded; 5-year compliance window. For 2024, all directors and executives were in compliance .
- Hedging/pledging: Hedging prohibited; pledging or margin requires pre-approval per Insider Trading Policy .
Insider Trades
| Item | Disclosure |
|---|---|
| Section 16(a) filing compliance | Company reports all director and executive officer Section 16(a) filings were compliant in 2024, except an inadvertent two-day late Form 4 by the CFO; no delinquencies noted for Mr. White . |
Governance Assessment
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Strengths
- Independent director; chairs Audit & Finance; designated financial expert—directly supports financial reporting quality, risk oversight, and related-party transaction review .
- Active engagement: Committees he serves on were highly active in 2024 (Audit & Finance: 7 meetings; Special Transactions: 14; Scientific Review: 4); no attendance shortfalls reported .
- Pay alignment: Director pay mix is equity-heavy (2024: $115k cash/$175k equity), with 2025 program increasing equity component to $250k (75% RSUs/25% options), supporting alignment with shareholder interests .
- Ownership alignment and controls: Directors meet elevated ownership guidelines; hedging prohibited; robust executive compensation clawback policy exists (broader governance tone) .
- Shareholder support signal: Say‑on‑pay received 97% support in 2024, indicating investor confidence in compensation governance .
-
Watch items / potential red flags
- Board interlock: Mr. White is CEO/Director at Aptevo while EBS Board Chair Dr. Harsanyi also sits on Aptevo’s board, creating an interlock that warrants ongoing monitoring for conflicts or perceived influence. EBS states there were no related-party transactions since Jan 1, 2024 and Audit & Finance oversees such matters, which mitigates risk but does not eliminate perception concerns .
- Special Transactions participation: As a member of EBS’s Special Transactions Committee, the combination of transactional oversight and external CEO role underscores the importance of recusals and formal conflicts processes on any matters involving Aptevo or overlapping counterparties (no such transactions disclosed) .
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Overall implication: Mr. White’s finance background and audit leadership bolster board effectiveness in a turnaround context; equity‑heavy director pay and compliance with ownership guidelines support alignment. The Aptevo interlock should be transparently managed by the board (through committee oversight and recusals) to maintain investor confidence given his role on Special Transactions and Audit & Finance .
