Ivor Macleod
SCYNEXISAbout Ivor Macleod
Chief Financial Officer of SCYNEXIS since October 24, 2022; age 64; B.Sc. (St. Andrews University), MBA (University of Arizona), and CPA licensed in Virginia . Prior senior finance roles at Athersys, Eisai, Merck Research Labs, and Roche underpin deep operating, compliance, and investor-facing expertise . Company performance indicators during his tenure show volatile TSR: value of an initial $100 investment fell to $19.84 in 2024 versus $36.56 in 2023; net income swung from $67.0M in 2023 to a $21.3M loss in 2024 . SCYNEXIS also disclosed a product recall and FDA clinical hold in 2023/2024 that impacted development timelines and posed execution risk .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Athersys, Inc. | Chief Financial Officer | 2020–2022 | Led Finance, Accounting, IR, Corporate Communications at a clinical-stage biotech . |
| Eisai Inc. (U.S. subsidiary of Eisai Co., Ltd.) | Chief Financial Officer & Chief Compliance Officer | 2015–2018 | Oversaw Finance, Accounting, Commercial Analytics and Corporate/Commercial Compliance . |
| Merck & Co., Inc. | Vice President Finance – Merck Research Labs | 2012–2015 | Finance leadership for R&D operations . |
| F. Hoffmann-La Roche, Inc. | North American CFO; General Manager | CFO: 2000–2011; GM: 2010–2011 | Regional finance leadership and general management experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Virginia Board of Accountancy | CPA (licensed) | N/A | Professional credential; not a governance role . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $435,000 | $452,400; increased to $470,496 effective Jan 2025 . |
| Target Bonus (%) | 40% of base | 40% of base . |
| Actual Annual Bonus ($) | $155,600 | $171,912 . |
| All Other Compensation ($) | $36,296 (insurance + 401k) | $10,350 (401k match) . |
| Total Compensation ($) | $626,896 | $1,186,129 . |
Performance Compensation
Annual Bonus Structure and Outcomes (2024)
| Metric | Weighting | Target Definition | Actual Achievement | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Corporate goals | 80% of bonus | R&D, finance, and other milestones set by Board/Committee | 93% of target | Included in $171,912 | Cash, paid annually . |
| Individual performance | 20% of bonus | Individual KPIs | 103% of target | Included in $171,912 | Cash, paid annually . |
Equity Awards (grants, vesting, and terms)
| Grant Date | Award Type | Shares | Strike | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| Jan 26, 2024 | Stock Options | 215,515 | $1.86 | Jan 25, 2034 | 48 equal monthly installments (4 years), service-based . |
| Feb 15, 2024 | RSUs | 143,675 | N/A | N/A | Vest 1/3 annually over 3 years from Feb 15, 2024 . |
| Jan 1, 2023 | Performance RSUs (PSUs) | 100,000 | N/A | N/A | Vest on clinical/regulatory milestones by specific dates . |
| Oct 24, 2022 | Stock Options | 170,000 (initial award per 8-K) | Closing price at grant | Oct 24, 2032 | 25% at 1-year, then 2.08% monthly for 36 months . |
| Oct 24, 2022 | RSUs | 15,000 (initial award per 8-K) | N/A | N/A | Vest 1/3 per year over 3 years . |
Compensation governance: The Compensation Committee engages Pearl Meyer as independent advisor for benchmarking and plan design .
Equity Ownership & Alignment
| Metric | Mar 31, 2024 | Mar 31, 2025 |
|---|---|---|
| Beneficially Owned Shares | 91,270 (less than 1%) | 260,104 (less than 1%) . |
| Shares Acquirable within 60 days | 80,760 | 188,702 . |
| Hedging/Pledging Policy | Company prohibits short sales, options/derivatives, hedging, margin accounts, and pledging for all employees/directors . |
Selected outstanding awards (as of Dec 31, 2024):
- Options: 92,083 exercisable / 77,917 unexercisable at $2.22; expire 10/24/2032 . 44,898 exercisable / 170,617 unexercisable at $1.86; expire 1/25/2034 .
- RSUs: 5,000 (time-based) and 143,675 granted in 2024; market value $6,050 and $173,847 respectively at $1.21 year-end price .
- PSUs: 100,000 tied to clinical/regulatory milestones; payout value indicated at $121,000 at $1.21 .
Ownership guidelines for executives are not disclosed; director equity grant policy is disclosed separately .
Employment Terms
| Provision | Base Case Termination (no CIC) | Change-in-Control (CIC) Termination (double-trigger) |
|---|---|---|
| Cash Severance | 6 months of then-current base salary, paid over 6 months . | 12 months of then-current base salary, paid over 12 months . |
| Equity Vesting | Acceleration equal to 6 months of additional service (options/awards) . | Full acceleration of all outstanding equity awards . |
| COBRA Benefits | Company-paid share of premiums up to 6 months (earlier of re-enrollment or Medicare) . | Company-paid share up to 12 months (earlier of re-enrollment or Medicare) . |
| 280G Treatment | “Better-after-tax” cut-to-avoid or full-pay whichever yields higher net to executive . | |
| Non-compete/Confidentiality | Executed confidentiality, invention, and non-competition agreement incorporated in employment agreement . | |
| Employment Start | October 24, 2022 (CFO appointment) . |
Performance & Track Record
- Company TSR and pay-versus-performance: value of $100 investment was $19.84 in 2024 vs. $36.56 in 2023; Non-PEO NEO compensation actually paid averaged $834,370 in 2024 vs. $870,567 in 2023; net income swung from $67.0M (2023) to $(21.3)M (2024) .
- Operational risks: 2023–2024 product recall and FDA clinical hold due to potential beta-lactam cross-contamination, with MARIO Phase 3 restart targeted after lifting hold; GSK license milestones amended to reflect delays .
- Litigation: Securities class action and related derivative actions filed Nov 2023/May–June 2024 regarding manufacturing oversight; company is defending vigorously .
Compensation Structure Analysis
- Increased emphasis on equity and performance shares: 2023 PSUs added for senior executives; 2024 mix includes sizable RSUs and multi-year monthly vesting options, aligning retention and long-term incentives .
- No option repricing: 2024 Equity Incentive Plan explicitly prohibits repricing without shareholder approval .
- Bonus outcomes reflect high corporate goal attainment (93%) and above-target individual performance (103%), but cash bonus remains a smaller part of pay mix versus equity grants .
Say-on-Pay & Shareholder Feedback
- 2023 say-on-pay support was 77%; company engaged with opposing shareholders and increased use of performance RSUs in 2023 .
Expertise & Qualifications
- Education: B.Sc. (St. Andrews), MBA (University of Arizona), CPA (Virginia) .
- Technical/functional: Finance leadership across large pharmas and biotechs; compliance oversight; investor relations; R&D finance .
Work History & Career Trajectory
| Employer | Role | Tenure | Notes |
|---|---|---|---|
| SCYNEXIS, Inc. | Chief Financial Officer | Oct 2022–present | Principal financial and accounting officer . |
| Athersys, Inc. | Chief Financial Officer | 2020–2022 | Finance leadership in regenerative medicine . |
| Eisai Inc. | CFO & Chief Compliance Officer | 2015–2018 | Finance and compliance oversight . |
| Merck Research Labs | VP Finance | 2012–2015 | Finance for global R&D . |
| F. Hoffmann-La Roche | North American CFO; General Manager | CFO 2000–2011; GM 2010–2011 | Regional CFO and GM roles . |
Equity Compensation Plan & Governance Context
- 2024 Equity Incentive Plan approved; features include no single-trigger vesting on CIC, no evergreen, no repricing, no dividends on unvested awards, and strict share recycling limits .
- Director equity grants standardized annually; committee retainers disclosed; Compensation Committee independent .
Related Party Transactions & Red Flags
- No related-party transactions above $120,000 involving named executive officers since Jan 1, 2023 .
- Hedging/pledging prohibited by insider trading policy (alignment positive) .
- Manufacturing/quality oversight issues (recall and clinical hold) and ongoing litigation represent execution/governance risks to milestones and pay-for-performance alignment .
Investment Implications
- Alignment: Strong long-term equity mix (RSUs vesting annually over 3 years; options vesting monthly over 4 years) creates predictable vesting calendars that can translate into periodic selling pressure around anniversaries; policy prohibition on pledging/hedging mitigates misalignment risk .
- Retention: Double-trigger CIC severance (12 months salary + full acceleration) and time-based vesting are retention-supportive; non-CIC severance is moderate (6 months) .
- Pay-for-performance: Introduction of PSUs and corporate/individual scorecards aligns cash payouts with operational milestones; however, external shocks (recall/hold) and net loss in 2024 temper perceived pay-performance linkage .
- Execution risk: Regulatory remediation and litigation could delay milestones tied to PSUs and reduce future bonus attainment; amended GSK economics reflect reduced near-term commercial milestones and dependence on lifting the clinical hold .