Mayne Pharma welcomes board member, announces deputy chair’s retirement

Mayne Pharma is welcoming David Petrie to its board effective Sept. 1. The company also announced that Ian Scholes, deputy chair, will retire from the board at the end of September. 

Petrie is an accomplished M&A executive with more than 30 years of advisory experience in public and private mergers and acquisitions, capital management and debt and equity raisings. He is currently principal at Stratford Advisory Group, an independent corporate and financial advisory firm. Previously, he spent 23 years at Merrill Lynch/Bank of America, holding positions that included managing director and head of investment banking in Melbourne.

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In addition, he has worked on more than 100 transactions across a range of market sectors including health care, the company said. 

“We are delighted to welcome David to the board of Mayne Pharma,” said Mayne Pharma’s chair Frank Condella. “He is an experienced finance executive and will bring a wide range of skills and experience to our company across M&A, capital management and strategy.”

Ian Scholes has served as a director of Mayne Pharma since October 2007 and is currently the chair of the audit and risk committee and a member of the Remuneration and People Committee and Nomination Committee.

“On behalf of the board, I want to thank Ian for his outstanding commitment and service to Mayne Pharma over the last 15 years,” said Condella. “Ian has provided sound guidance and support to the company through the journey from a small biotech to a specialty pharmaceutical company with a broad portfolio of brands, generics and pharma services. We wish him well for the future.”

[Read more: Mayne Pharma names Frank Condella to board chair]

Petrie also will join Mayne Pharma’s Audit and Risk Committee and the Remuneration and People Committee.