Murray W. Stewart
X4 PharmaceuticalsAbout Murray W. Stewart
Murray W. Stewart, M.D., age 64, has served on X4’s board since March 2019 and was interim Chief Medical Officer from November 2022 to September 2023. He is currently Chief Medical Officer at Rhythm Pharmaceuticals (since October 2018) and holds an M.D. from Southampton Medical School; he is a Fellow of the Royal College of Physicians . In March 2025 he joined CAMP4 Therapeutics’ board (Nasdaq: CAMP) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| X4 Pharmaceuticals | Interim Chief Medical Officer | Nov 2022 – Sep 2023 | Supported WHIM NDA, clinical strategy and CMO transition |
| GlaxoSmithKline | Chief Medical Officer; prior R&D leadership roles | CMO Apr 2014 – Nov 2017; prior years in R&D | Global patient well-being; therapy area leadership in metabolic and cardiovascular |
| Novelion Therapeutics | Head of R&D | Nov 2017 – Oct 2018 | R&D leadership in rare diseases |
| Consultant Physician, Diabetes Center (Newcastle upon Tyne, UK) | Consultant & Honorary Senior Lecturer | Prior to GSK | Clinical practice and academic role |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| CAMP4 Therapeutics (Nasdaq: CAMP) | Director | Appointed Mar 2025 | Public biotech board |
| Rhythm Pharmaceuticals | Chief Medical Officer | Oct 2018 – present | Executive role; rare genetic obesity disorders |
| VectivBio Holding AG (Nasdaq: VECT) | Director; Compensation Committee member | Jul 2021 – May 2023 | Public biotech board service |
| Amarin Corporation plc (Nasdaq: AMRN) | Director | Jan 2023 – Mar 2023 | Short board tenure |
Board Governance
- Independence: X4’s board affirmed Dr. Stewart as independent under Nasdaq standards in 2025 after review of relationships and transactions . In 2024, he was not independent due to an active consulting agreement; that agreement terminated in June 2024 .
- Committee leadership: Chair, Compensation Committee (effective Jan 1, 2024; committee met 8 times in 2024) .
- Other committees: Not listed as a member of Audit (McGirr chair; met 4 times in 2024) or Nominating & Corporate Governance (Aliski chair; met 3 times in 2024) .
- Attendance: The board met 5 times in 2024, and each incumbent director attended at least 75% of board and committee meetings; all directors attended the 2024 annual meeting .
- Board structure: Independent Chairman (Wyzga); separation of Chair and CEO roles to reinforce oversight .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|
| 2023 | 13,125 | — | 76,956 (consulting) | 90,081 |
| 2024 | 58,000 | 46,800 (RSUs fair value) | 12,711 (consulting) | 117,511 |
- Director cash retainer framework (Jan 1–Feb 12, 2024): Board member $35,000; Audit member $7,500 (Chair $15,000); Compensation member $5,000 (Chair $10,000); Nominating member $4,000 (Chair $8,000); non-executive Chair additional $40,000; plus expense reimbursement .
Performance Compensation
- Director equity structure: Initial RSU grant to new directors 90,000 RSUs vesting over 3 years; annual RSU grant 45,000 vesting in full in 1 year; 100% acceleration upon change in control .
- Compensation Committee policy oversight: Committee administers equity plans, reviews director compensation, and adopts/oversees a compensation recovery (clawback) policy compliant with SEC and Nasdaq rules under Exchange Act Section 10D .
| Item | Detail |
|---|---|
| 2024 RSUs Outstanding (as of 12/31/2024) | 45,000 RSUs |
| Options Outstanding (as of 12/31/2024) | 26,281 options |
| Change-in-Control Treatment | 100% RSU vesting acceleration |
| Clawback Policy | Incentive Compensation Recoupment Policy adopted; applies to incentive-based compensation tied to financial reporting (executive-focused) |
Other Directorships & Interlocks
| Company | Role | Overlap with X4 | Potential Interlock/Conflict Notes |
|---|---|---|---|
| Rhythm Pharmaceuticals | Chief Medical Officer | Concurrent | No related-party transactions disclosed with Rhythm; executive workload a time-commitment consideration |
| CAMP4 Therapeutics | Director | Appointed Mar 2025 | Public board; no X4 transactions disclosed |
| VectivBio | Director | Ended 2023 | Historical role; no current interlock |
| Amarin | Director | Jan–Mar 2023 | Short tenure; no current interlock |
Expertise & Qualifications
- Extensive biopharma leadership across clinical development, regulatory strategy, and R&D; former GSK Chief Medical Officer with global remit .
- Medical credentials: M.D. (Southampton Medical School); Fellow of the Royal College of Physicians .
- Committee expertise: Compensation Committee chair; experience on compensation committees at VectivBio .
Equity Ownership
| Date | Beneficial Ownership (Shares) | % of Outstanding | Components/Notes |
|---|---|---|---|
| Mar 31, 2025 | 217,785 | <1% | Includes shares; options exercisable within 60 days count in method per proxy |
| Mar 31, 2024 | 176,119 | <1% | Includes shares; options exercisable within 60 days count in method per proxy |
| Dec 31, 2024 (position counts) | 26,281 options; 45,000 RSUs outstanding | n/a | As of year-end counts by director |
- Hedging/pledging: X4 prohibits hedging, short selling, margin purchases, and pledging of company stock under its insider trading policy .
- Stock ownership guidelines: Not disclosed in the proxy materials reviewed.
Governance Assessment
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Strengths
- Independent status affirmed in 2025 following termination of consulting arrangement; reduces conflict risk and supports investor confidence .
- Active leadership as Compensation Committee chair with 8 meetings in 2024; governance infrastructure includes clawback policy oversight and equity plan administration .
- Attendance and engagement: Board and committee attendance at or above 75%; all directors attended 2024 annual meeting .
- Clear director equity structure with defined vesting and change-in-control terms; transparent disclosure of option/RSU positions .
-
Watch items / RED FLAGS
- Related-party consulting while serving as director in 2023–H1 2024 (fees $64,245 in Aug–Sep 2023; $4,237/month Oct 2023–Jun 2024; $12,711 reported for 2024); although terminated June 2024 and independence later affirmed, it is a governance sensitivity area .
- Concurrent executive role at Rhythm Pharmaceuticals may pose time-commitment considerations; no related-party transactions disclosed with X4 .
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Net view: Independence restoration and strong committee leadership are positive signals; prior consulting overlap should be acknowledged but is resolved, which moderates conflict risk going forward .