Christopher Smith
PACIFIC BIOSCIENCES OF CALIFORNIAAbout Christopher M. Smith
Christopher M. Smith (age 62) joined PacBio’s Board in January 2025 and is classified as an independent director under Nasdaq rules. He is a seasoned diagnostics and medical technology executive, including serving as CEO of NeoGenomics (Aug 2022–Apr 2025), CEO of Ortho Clinical Diagnostics (2019–2022), and CEO of Cochlear Limited (2015–2018), with prior leadership roles at Abbott, Cardinal Health, KCI, Prism, and Warburg Pincus. He currently serves on the boards of Laborie Medical and Advanced Instruments; he was formerly a director at QuidelOrtho and chaired Osler Diagnostics’ board. Smith holds a BS from Texas A&M University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NeoGenomics Laboratories, Inc. | Chief Executive Officer and Director | Aug 2022 – Apr 2025 | Led turnaround; prior CEO experience leveraged . |
| Ortho Clinical Diagnostics | Chief Executive Officer | 2019 – 2022 | Led $1.45B IPO (2021); accelerated revenue; improved profitability; guided combination with Quidel (closed May 2022) . |
| Cochlear Limited | Chief Executive Officer; President of Cochlear Americas (earlier) | CEO 2015 – 2018; Americas 2004 – 2015 | Grew Americas revenue from ~$80M to >$400M; global market leader in implantable hearing . |
| Warburg Pincus | CEO in Residence | Prior to Cochlear | Operational advisory/portfolio value creation . |
| Gyrus Group Plc. | Global Group President | Prior | Surgical products leadership . |
| Abbott; KCI; Prism; Cardinal Health | Various leadership roles | Prior | Broad healthcare operating experience . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Laborie Medical | Director | Current | Global medical technology board service . |
| Advanced Instruments | Director | Current | Scientific/analytical instruments; prior LLC board role . |
| QuidelOrtho | Director (former) | Former | In vitro diagnostics; network interlock context . |
| Osler Diagnostics | Chair of Board (former) | Former | UK-based diagnostics; chaired board . |
| Akouos, Inc. | Director (former) | Former | Precision genetic medicine board role . |
| Results Physiotherapy, LLC | Director (former) | Former | Acquired by Upstream Rehabilitation Inc. . |
Board Governance
- Independence: The Board determined Smith is independent (eight of nine directors classified independent) .
- Committee assignments: Science and Technology Committee member (appointed Feb 2025) .
- Board structure: Chair separate from CEO; oversight distributed across Audit, Compensation, Corporate Governance & Nominating, and Science & Technology committees .
- Orientation/education: Formal orientation program for new directors; committees monitor continuing education .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (Board) | $40,000 | Paid quarterly in advance; no per-meeting fees . |
| Science & Technology Committee member retainer | $5,000 | Chair receives $10,000; Smith is a member (not chair) . |
| Board Chair retainer | $40,000 | Not applicable to Smith . |
Performance Compensation
| Grant Type | Grant Value | Vesting | Terms/Notes |
|---|---|---|---|
| Initial Option Award | $225,000 | 1/3 at 1-year anniversary of Initial Start Date; remainder monthly over next 24 months | Granted upon becoming non-employee director; strike price = fair market value (FMV) at grant; max shares across initial awards capped at 127,000 . |
| Initial RSU Award | $225,000 | 1/3 on 1-, 2-, and 3-year anniversaries of Initial Start Date | Service-based vesting; no dividends paid on unvested RSUs; subject to clawback . |
| Annual Option Award (2025) | $100,000 | Vests monthly over one year or until next annual meeting | Smith receives prorated award given Jan 2025 appointment; per-director share cap of 65,000 . |
| Change-in-control (CIC) treatment | N/A | If awards not assumed, full acceleration and performance deemed at 100% target; if assumed and director terminated (not voluntary, except at acquirer’s request), acceleration applies as if not assumed | Applies under 2020 Plan; legacy 2010 Director Plan provided full vesting for director awards upon CIC . |
| Repricing prohibition | N/A | Plan forbids exchange, repricing or transfers of awards to financial institutions | Governance safeguard . |
| Clawback | N/A | Awards subject to company clawback policy per Nasdaq/Exchange Act 10D | Effective Oct 2, 2023 . |
Other Directorships & Interlocks
| Entity | Relationship to PACB | Potential Interlock/Consideration |
|---|---|---|
| QuidelOrtho (former director) | Diagnostics competitor/customer ecosystem | No PACB-related transactions disclosed; monitor for information flows . |
| Laborie Medical; Advanced Instruments (current director roles) | Medical devices/lab instruments | No PACB-related transactions disclosed . |
Expertise & Qualifications
- Diagnostics and life sciences CEO experience; IPO execution ($1.45B Ortho Clinical) and M&A (Quidel combination) .
- Scaled commercial operations (Cochlear Americas revenue growth >$400M) .
- Governance experience across public and private boards; global operating background .
Equity Ownership
| Holder | Beneficial Shares | Right to Acquire within 60 Days | Total Beneficial Ownership | % of Class |
|---|---|---|---|---|
| Christopher M. Smith | — | — | — | — |
Notes:
- Table excludes unvested RSUs and options not exercisable within 60 days of April 10, 2025; Smith’s initial awards and 2025 annual option would not be included given vesting schedules .
Governance Assessment
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Strengths:
- Independent director with deep diagnostics/operator background; appointed to Science & Technology Committee, aligning expertise with R&D and product quality oversight .
- Director pay structure is modest in cash and primarily equity-based with multi-year service-based vesting, promoting alignment; robust clawback and anti-repricing provisions add investor-friendly safeguards .
- Insider trading policy prohibits short sales, options/derivatives, pledging, and margin accounts—reducing misalignment and risk of forced selling .
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Watch items:
- As of April 10, 2025, Smith had no reportable beneficial ownership—reasonable for a new director but limits immediate “skin-in-the-game” until vesting progresses; monitor vesting and any open-market purchases for alignment signals .
- External board service in diagnostics/medical technology creates potential informational interlocks; however, no related-party transactions involving Smith are disclosed. Maintain oversight through PACB’s related-party transaction policy and Audit Committee review .
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Red flags:
- None disclosed specific to Smith. Company-wide prohibitions on hedging/pledging and clawback mitigate common governance risks .