IP Group PLC Board changes (1008N)
May 04 2018 - 2:00AM
UK Regulatory
TIDMIPO
RNS Number : 1008N
IP Group PLC
04 May 2018
FOR RELEASE ON 04 May 2018
IP Group plc - Board changes
IP Group plc (LSE: IPO) ("IP Group" or "the Group" or "the
Company"), the developer of intellectual property-based businesses,
announces that Mike Humphrey has indicated that for personal
reasons he wishes to retire and step down from his position as
Non-executive Chairman and a director of the Company as soon as a
suitable replacement can be recruited.
Mr Humphrey joined the Board of IP Group in October 2011 as a
non-executive Director and became Non-executive Chairman in March
2015. He has served as Senior Independent Director, Chairman of the
Remuneration Committee and is currently Chairman of the Nomination
Committee and a member of the Remuneration Committee.
In addition, IP Group announces that Heejae Chae has been
appointed as Non-executive Director with immediate effect while
Professor Lynn Gladden has indicated that she will be stepping down
from her role as Non-executive Director on or prior to 31 December
2018. Professor Gladden has been appointed to the role of Executive
Chairman of the Engineering and Physical Sciences Research Council
(EPSRC) with effect from 1(st) of October and, as such, will need
to step down from her role at IP Group to avoid any potential
conflict of interests.
Mr Chae is currently Chief Executive of AIM-listed Scapa Group
plc, a global supplier of products for healthcare and industrial
markets. Prior to joining Scapa, Mr Chae was Group Chief Executive
of Volex Group plc. He was previously the Group General Manager,
Radio Frequency Worldwide, for Amphenol Corporation. He spent the
early part of his career in finance at The Blackstone Group and
Credit Suisse First Boston before moving into industry. Mr Chae has
degrees in Economics and Engineering from Columbia University and
an MBA from Harvard University. Mr Chae also serves on the Board of
Overseers at Boston Children's Hospital and is an Advisory Council
Member at Columbia University.
Alan Aubrey, Chief Executive of IP Group, said: "Mike has made a
significant contribution to the growth of IP Group during his
tenure. On behalf of the Board and all of the Company's staff, I
would like to thank Mike for his hard work and wise counsel over
the years and to wish him well. I would also like to express my
thanks to Lynn for her contribution over the last four years and
I'm delighted to welcome Heejae Chae to the Board and look forward
to working with him."
Mike Humphrey, Chairman, said: "Since joining IP Group, the
Company has undergone a rapid period of growth which has seen a
near ten-fold increase in the value of the portfolio as well as
expansion into both the US and Australasia. It has been an honour
to work alongside such a talented team and I am confident that the
Group will go from strength to strength."
A further announcement will be made in due course once Mr
Humphrey's replacement has been selected.
This announcement is made pursuant to Listing Rule 9.6.11R.
There are no other details required to be disclosed under Listing
Rule 9.6.13R. There are no further disclosures required under the
Disclosure and Transparency Rules.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Martha Walsh +44 (0) 7876 245962
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across life sciences and
technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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