ON Partners Recruits Chief Business Officer for CytomX Therapeutics
November 26, 2025 – Partner Suzanne Zebedee of ON Partners recently placed Rachael Lester as senior vice president and chief business officer of NASDAQ-traded CytomX Therapeutics, Inc. in South San Francisco, CA.
“Rachael brings a wealth of experience in strategic planning and business development across the biopharmaceutical industry and joins CytomX at a time when our platform and pipeline are well positioned to deliver meaningful advances in the treatment of many cancers,” said Sean McCarthy, president, CEO, and chairman of CytomX Therapeutics. “Rachael’s expertise and leadership in delivering strategic, value-enhancing partnerships will be pivotal as we continue to prosecute our integrated business model and expand the reach of our PROBODY platform. With her proven track record, Rachael strengthens our leadership team at a critical time for the Company. My colleagues and I look forward to working with Rachael in our collective mission to urgently advance innovative cancer therapies for patients.”
Ms. Lester joins CytomX with over two decades leading corporate strategy, business development and product portfolio planning across the life science and biopharmaceutical industry. Most recently, she was chief business officer at Replicate Bioscience, where she led corporate strategy, business development and capital formation. She was key in securing financing and multiple partnerships to transform the Company during her tenure. Prior to joining Replicate, Ms. Lester served as SVP of business development and corporate strategy at Harpoon Therapeutics, a novel T cell engager platform company that was later acquired by Merck, where she established and strengthened the business development strategy through major partnerships with AbbVie and Roche.
Previously, Ms. Lester held senior roles in corporate strategy, portfolio management, and commercialization at Bruin Biometrics and Onyx Pharmaceuticals, now an Amgen subsidiary. Earlier in her career, she worked in Deloitte and Booz Allen Hamilton’s life sciences consulting practices, where she advised on multi-billion-dollar M&A transactions, new product planning and strategic growth initiatives.
In her new role with CytomX Therapeutics, Ms. Lester will lead the company’s strategy and business development functions. “I’m thrilled to join CytomX at such an exciting time,” she said. “CytomX’s lead clinical assets, CX-2051 and CX-801, are designed to address areas of high unmet medical need including colorectal cancer and melanoma and have broad potential across many cancer types. I look forward to working with the highly dedicated team at CytomX to further unlock the value of the PROBODY platform and build on the promise of our pipeline of masked biologics.”
CytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated, masked biologics designed to be localized to the tumor microenvironment. CytomX’s multi-modality technology platform has produced therapeutic candidates across multiple treatment modalities including antibody-drug conjugates (ADCs), T-cell engagers, and immune modulators such as cytokines.
With a primary focus on technology, consumer, industrial, and the life science sectors, ON Partners recruits C-level and board talent for public and private companies, as well as venture capital and private equity firms. Founded in 2006, the firm’s consultants work from offices in Atlanta; Boston; Chicago; Cleveland; Dallas; Menlo Park, CA; Minneapolis, MN; San Francisco; and New York. ON Partners was named one of the fastest growing search firms this year by Hunt Scanlon Media. The firm is now ranked as one of the 20 largest search firms in the nation.
Related: ON Partners Assists Unison Software in Chief Technology Officer Search
Dr. Zebedee has devoted more than 20 years to executive search with a focus on the life sciences, specializing in biotechnology, diagnostics, research tools, and pharmaceuticals sectors of healthcare. Functions she has served include C-level and top-level research, development and commercial executives for public, private, and VC-backed organizations. An executive committee member at ON Partners, Dr. Zebedee has served as senior client partner and co-leader of the biotechnology practice at Korn Ferry, vice president of business development for two venture-backed companies and held research positions at the R.W. Johnson Pharmaceutical Research Institute, Pharmacia, and SIBIA.
Power Integrations Search
ON Partners recently assisted in the recruitment of Jennifer Lloyd as the new CEO of NASDAQ-traded Power Integrations in San Jose, CA. Partners Tim Conti, Mike Lynch, and Cher Murphy led the assignment. She succeeds Balu Balakrishnan, who has served as CEO since 2002. A former member of Power Integrations’ board of directors, Dr. Lloyd has been reappointed to the company’s board.
“We are thrilled that Jen Lloyd will be our next CEO,” said Mr. Balakrishnan. Throughout her distinguished career at Analog Devices, she has proven her ability to drive innovation, deliver new products to the market and achieve profitable growth. Her deep knowledge of power products and technologies and her familiarity with our company will allow her to hit the ground running. I am confident that she is the right leader to take Power Integrations to the next level.”
Since 1997, Dr. Lloyd has served in a succession of increasingly senior engineering and business roles at Analog Devices, Inc., a global semiconductor leader. She has led multiple $1B+ businesses spanning various technologies and end markets. Most recently, Dr. Lloyd was corporate vice president leading the company’s multi-market power business unit, responsible for product, strategy and P&L with leadership of a large global team.
Related: ON Partners Recruits Chief Revenue Officer for StarCompliance
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
