15th Jan 2021 09:34
(Alliance News) - Allied Minds PLC on Friday said its chief executive has stepped down from the role immediately and the intellectual property commercialisation firm added that its board will now directly manage its portfolio.
Joseph Pignato has left the CEO post but will continue as interim chief financial officer and assist Allied Minds in its search for a permanent CFO.
Pignato was formerly finance chief of the company, which has been without a CFO since June 2019, when Pignato took over as co-CEO alongside Michael Turner.
Also, Allied Minds, which outlined a strategic update earlier in January, said it is implementing "additional restructuring initiatives".
"The group's progress to date together with the strong leadership teams at each company, position the portfolio to continue making progress with the potential to deliver appropriate returns upon exit if they continue to meet their planned technical and commercial goals. Accordingly, the company's board and management determined that the most effective and efficient path forward is direct management of the portfolio by the board," Allied Minds said.
Directors will be involved in each of the company's portfolio firms.
"As such, one of either the Chair Harry Rein, the Senior Independent Bruce Failing or the Non-Executive Director Mark Lerdal will each join certain boards of directors of such companies, including Federated Wireless Inc, BridgeComm Inc, and Spin Memory Inc," Allied Minds added.
Allied Minds shares were 7.0% higher at 29.15 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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