ProPharma Announces the Appointment of Karl Deonanan as New Chief Financial Officer

March 1, 2023

Raleigh, NC, March 1, 2023: ProPharma Group (ProPharma), the leading global provider of regulatory, clinical and quality services for the life sciences industry and a portfolio company of Odyssey Investment Partners, announces the appointment of Karl Deonanan to the Executive Leadership Team as the Chief Financial Officer (CFO). With the appointment of Karl to the position of CFO, Timothy Bauwens will transition to the role of Senior Advisor to the CEO.

With over 20 years of progressive leadership experience managing financial operations, Karl joins ProPharma with a proven track record of delivering positive business growth and profitable financial results. In his new role, Karl will be responsible for leading ProPharma’s finance functional areas, including financial planning and analysis, accounting, and treasury operations. As a member of ProPharma’s Executive Leadership Team, Karl will also be responsible for driving ProPharma’s strategic business initiatives and accelerated growth plans.

Most recently, Karl served as the Chief Financial Officer at X-Chem. Prior to joining X-Chem, Karl held several executive finance leadership roles with leading life sciences organizations, including Synteract (now part of Syneos Health), and IQVIA, formerly Quintiles, where he was CFO of the company’s Research and Development Solutions segment amongst several other roles, including the Vice President of Investor Relations, where he supported the initial public offering of Quintiles. Throughout his career, he has supported transformative organic and inorganic growth while instituting financial disciplines and operational excellence across the broader enterprise.

"We are thrilled to announce the appointment of Karl as our new Chief Financial Officer at ProPharma," said Michael Stomberg, CEO of ProPharma. "With his extensive experience in financial management, budgeting, and strategic planning, Karl brings a wealth of expertise to our organization. His proven track record in the pharma services and drug development industry will undoubtedly contribute to our continued growth and success."

Deonanan holds a Master of Science degree in accounting from East Carolina University and a Bachelor of Science degree in accounting from University of North Carolina at Wilmington.

About ProPharma

For the past 20 years, ProPharma has improved the health and wellness of patients by providing advice and expertise that empowers biotech, med device, and pharmaceutical organizations of all sizes to confidently advance scientific breakthroughs and introduce new therapies. As the world’s largest RCO (Research Consulting Organization), ProPharma partners with its clients through an advise-build-operate model across the complete product lifecycle. With deep domain expertise in regulatory sciences, clinical research solutions, quality and compliance, pharmacovigilance, medical information, and R&D technology, ProPharma offers an end-to-end suite of fully customizable consulting solutions that de-risk and accelerate our partners’ most high-profile drug and device programs. For further information about ProPharma, please visit:

About Odyssey Investment Partners

Odyssey Investment Partners, with offices in New York and Los Angeles, is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority-controlled investments in industries with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit:


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Steven Rensi
Senior Director, Global Brand Strategy & Communications

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