On May 5, 2017, Anita J. Chawla, Ph.D., and Eric J. Selter, respectively, informed CytRx Corporation of their decisions to retire for personal reasons as directors of the company, effective immediately prior to the company’s upcoming annual meeting of Stockholders expected to be held on or about July 12, 2017. At a meeting held on May 5, 2017, the company’s board of directors appointed Joel Caldwell to replace Mr. Selter as a Class III director and as chairman of the audit committee of the company’s board of directors as of the date of its Annual Meeting of Stockholders. Mr. Caldwell, age 62, brings more than 30 years of experience in tax matters, finance and internal auditing. He retired from Southern California Edison, where he had been employed for 28 years in various executive-level accounting and finance positions covering Internal Audits, Executive Compensation, Long Term Finance, Employee Benefits and, most recently prior to his retirement, Sarbanes-Oxley Internal Controls Compliance.