Mikael Dolsten
About Mikael Dolsten
Mikael Dolsten, M.D., Ph.D., age 67, has served as an independent director of Rocket Pharmaceuticals (RCKT) since September 2024. He brings decades of large-cap biopharma R&D leadership (Pfizer CSO/President of R&D; Wyeth; Boehringer Ingelheim; AstraZeneca; Pharmacia/Upjohn) and currently also serves on public company boards. At Rocket, he is a member of the Research & Development Committee; however, due to a 2025 consulting agreement with the company, he is not classified as independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Pfizer Inc. | Chief Scientific Officer and President, Pfizer Research & Development | Commenced July 2023 (preceded by CSO & President, Worldwide R&D & Medical 2019–Jul 2023; President Worldwide R&D 2010–2018; SVP roles 2009–2010) | Led global R&D strategy and portfolio through multiple leadership transitions |
| Wyeth Pharmaceuticals (acquired by Pfizer 2009) | Senior Vice President; President of Wyeth Research | 2008–2009 | Led research organization pre-transaction |
| Boehringer Ingelheim | Executive Vice President, Head of Pharma Research | Prior to 2008 | Ran pharma research globally |
| OrbiMed Advisors | Private Equity Partner | Prior to Wyeth | Life sciences investment leadership |
| AstraZeneca; Pharmacia; Upjohn | Research leadership positions | Prior roles | Therapeutic area and R&D leadership |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Agilent Technologies (NYSE: A) | Director | Since Sep 2021; served as Pfizer CSO through Jan 2025 and now advisor to Pfizer CEO | Audit & Finance; Nominating/Corporate Governance |
| Vimian Group AB | Director | Since Apr 2021 | Not disclosed |
| Karyopharm Therapeutics | Director (former) | Mar 2015–Dec 2021 | Not disclosed |
Board Governance
| Attribute | Detail |
|---|---|
| Board/Committee roles at RCKT | Member, Research & Development Committee (Chair: Dr. Elisabeth Björk) |
| Independence | Not independent due to a paid R&D consulting agreement with Rocket (cash + RSUs in 2025) |
| Attendance | In 2024, Rocket’s Board held 4 meetings; each director then in office attended at least 75% of Board and committee meetings; directors attended the 2024 annual meeting |
| Executive sessions | Independent directors meet in executive sessions without the Chairman (Dr. Wong), CEO (Dr. Shah) and Dr. Dolsten |
| Lead Independent Director | None (Board notes independent director executive sessions occur regularly) |
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| 2024 Board cash fees (prorated) | $14,260 | Appointed Sept 5, 2024; Rocket policy: Board retainer $40,000/yr; R&D Committee member retainer $7,500/yr (chair $15,000) |
| 2025 Consulting agreement (R&D) | $125,000 cash (paid monthly through Dec 31, 2025) | Effective Mar 3–Dec 31, 2025; services related to R&D; early termination for cause or by consultant permitted |
Performance Compensation
| Equity Component | Grant/Value | Vesting Terms | Notes |
|---|---|---|---|
| 2024 New Director Option Grant | $360,000 grant-date fair value | New director option awards vest in equal monthly installments over 3 years | |
| 2024 Prorated Annual Director Option Grant | $295,000 grant-date fair value | Annual director options vest in full on the first anniversary of grant | |
| 2024 Total Option Awards | $654,991 | As above | Aggregate 2024 option value per director comp table |
| 2025 Consulting Equity | $125,000 of RSUs (valued at 3/3/25 close) | Cliff vest on Dec 31, 2025 | Part of consulting arrangement |
No director performance metrics (e.g., TSR, revenue, ESG) are tied to director compensation at Rocket; director equity follows standard vesting schedules for alignment and retention .
Other Directorships & Interlocks
| Company | Potential Interlock/Exposure | Disclosure Status |
|---|---|---|
| Agilent Technologies | Supplier to life sciences/biotech sector; Dolsten serves on Audit & Finance and Nominating/Governance at Agilent | No Rocket-related transactions with Agilent disclosed in related-party section |
| Vimian Group | Veterinary health platform | No Rocket-related transactions disclosed |
| Karyopharm (former) | Prior oncology company directorship | Historical only |
Expertise & Qualifications
- Deep R&D leadership across big pharma and biotech; prior CSO/President of R&D at Pfizer; leadership at Wyeth, Boehringer Ingelheim, AstraZeneca, Pharmacia/Upjohn .
- Medical and scientific credentials (M.D., Ph.D.) with extensive board experience at U.S. and European public companies .
- At Agilent: service on Audit & Finance and Nominating/Governance signals financial oversight and governance expertise .
Equity Ownership
| Measure | Detail |
|---|---|
| Beneficial ownership at Rocket (record date 4/21/2025) | No beneficial ownership reported (“—”) as of the record date; <1% ownership |
| Insider trades (2025) | 3/5/2025: Form 4 (code J – Other), 14,220 shares acquired; post-transaction holdings 14,220; price $0 |
| 6/18/2025: Form 4 (code A – Award), 30,000 shares awarded; post-transaction holdings 44,220; price $0 | |
| Director stock ownership guidelines | Must hold ≥1x annual cash retainer within 3 years of appointment; phase-in period applies |
| Hedging/pledging policy | Hedging and pledging of company stock prohibited for directors (pledging requires Board approval); short sales and derivatives prohibited |
Director Compensation (2024)
| Component | Amount |
|---|---|
| Fees Earned or Paid in Cash | $14,260 |
| Option Awards (grant-date fair value) | $654,991 (comprised of $360,000 new director grant and $295,000 prorated annual grant) |
| Total | $669,251 |
Employment & Contracts
| Agreement | Key Terms |
|---|---|
| Rocket consulting agreement (effective Mar 3–Dec 31, 2025) | $125,000 cash (monthly) + $125,000 RSUs (at 3/3/25 close), cliff vest 12/31/2025; services support R&D; terminable for cause or voluntarily |
Governance Assessment
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Strengths
- Significant R&D leadership depth at scale; complementary board experience in life sciences instrumentation (Agilent) and veterinary health (Vimian) .
- Clear director equity alignment (new director and annual grants) with vesting designed for retention and long-term orientation; robust insider trading, hedging/pledging restrictions .
- Board and committee attendance threshold met in 2024; independent director executive sessions occur without management and non-independent directors .
-
Risks / RED FLAGS
- RED FLAG: Independence. Dolsten is not classified as independent at Rocket due to a paid consulting agreement in 2025; this creates potential perceived conflicts regarding oversight of R&D as he also serves on the Research & Development Committee .
- RED FLAG: Related-party transaction. The consulting engagement ($125k cash + $125k RSUs) is a related-person transaction; while disclosed and subject to Audit Committee oversight, it can be viewed as a governance overhang for some investors .
- Board structure. No Lead Independent Director; investors focused on rigorous independent oversight may view this as a governance gap, particularly with a non-independent Chairman and the presence of a non-independent director (Dolsten) .
- Ownership alignment. No beneficial ownership reported as of April 21, 2025; although Form 4s show share accrual in 2025, investors may prefer higher director stock ownership; guidelines provide a 3-year phase-in and .
-
Shareholder sentiment context
- Say-on-pay approval in 2024 was approximately 98.4%, suggesting broad support for the company’s compensation practices; while NEO-focused, it reflects overall investor confidence in governance/compensation oversight at that time .
Overall: Dolsten adds credible R&D and governance expertise valuable for a late-stage gene therapy company. However, the 2025 consulting relationship and non-independent status—combined with his R&D Committee membership—should be monitored for conflict management, with clear recusal practices and robust Audit Committee oversight on related-party matters .