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Clinuvel Pharmaceuticals Extends CEO Philippe Wolgen's Term of Employment

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Clinuvel Pharmaceuticals (ASX:CUV) extended the term of employment for Chief Executive Philippe Wolgen through June 2029, according to a Thursday filing with the Australian bourse.

The executive's annual fixed base remuneration remains unchanged, while all retention payments have been discontinued, per the filing.

"For us it was obvious we needed to find a way to retain Philippe to execute a plan aiming to generate further value," said Clinuvel Chair Jeffrey Rosenfeld.

The company's shares fell nearly 1% in recent Thursday trade.

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