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Tsonos’ nomination comes one week after the hub’s board selected Lilia Holt as its next interim CEO, and pledged to launch another search after chief executive Mark Turco abruptly resigned after one year on the job.
The position is unpaid. Whoever permanently takes the helm will inherit a quasi-public agency with sweeping ambitions and a shrinking runway to prove its value. The Hub is approaching a funding cliff this year.
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“Rhode Island is building momentum in the life science sector, and I believe Will is well-positioned to take it to the next level,” McKee said in a statement. “His leadership and business acumen will support the Life Science Hub’s mission to attract innovative technologies and bolster economic development in this critical industry.”
Tsonos has more than 30 years of banking experience and now serves as president of Beacon Bank, formerly BankRI, where he manages $3.5 billion in assets and more than 200 employees.
Previously, he worked as BankRI’s director of commercial banking and oversaw the bank’s commercial loan portfolio, commercial deposits, cash management department, plus the business banking sales and underwriting teams.
Tsonos has served on the Rhode Island Commerce Corporation’s board of directors since May 2024. He is also a member of the Woonsocket Investment Committee and treasurer of The Miriam Hospital Foundation. He graduated from Bryant University with a degree in business administration.
“It is a pleasure to be nominated and continue to serve Rhode Island as the chair of the Life Science Hub,” Tsonos said in a statement. “I look forward to working with fellow board members, the Hub’s staff, and Governor McKee to continue to bring well-paying jobs to the state.”
When lawmakers created the Life Science Hub in 2023, they committed $45 million over three years to help jump-start the life science ecosystem by pouring capital into startups, develop a skilled workforce, and position the state to compete with its regional powerhouses in places like Cambridge, Worcester, and Manchester, N.H.
But those coffers are already running low. Roughly $18 million remains from those funds, officials have said.
The $45 million investment, which was meant to spread out over three years ending in 2026, was expected to pour capital into companies, help develop talent and grow the life sciences in the state to compete with regional entities with similar mandates.
It faces a tough challenge with the constant threat of federal funding cuts, canceled grants for public health and scientific research, and the demolition of federal agencies. The Hub will need another round of funding to continue its work in 2026, officials have said.
Edward Fitzpatrick can be reached at [email protected]. Follow him @FitzProv.
