Rao, who remains the president of Virginia Commonwealth University, leaves behind a tenure defined by the transition of the organization from a park-focused entity into a regional engine for commercialization and biotech growth. His leadership oversaw the development of the Alliance for Building Better Medicine, a move that secured over $53 million in federal funding and helped anchor a pharmaceutical manufacturing cluster in the Richmond-Petersburg area.

Nolde, who joined the board in January 2025 and served as vice chair, brings a background in early-stage investment and business incubation. Currently leading 757 Collab and 757 Angels, he has previously managed venture initiatives including Lighthouse Labs and the Riverflow Growth Fund. His appointment coincides with the largest expansion of the Bio+Tech Center to date, which will add 13 new wet laboratories to the facility.

While Rao will continue to serve as a board member, other changes include Elizabeth Anne Whalley ascending to vice chair and Brian Anderson stepping in as secretary. This new leadership team arrives as the organization scales its suite of support programs—ranging from Basecamp to Frontier BioHealth—designed to bridge the gap between academic research and market-ready biotechnology ventures.