20th Jun 2019 10:17
(Alliance News) - Intellectual property commercialisation firm Allied Minds PLC said Thursday its chair will retire, alongside a non-executive director, as part of an effort to cut costs.
Chair Peter Dolan and Senior Independent Non-Executive Director Kevin Sharer will retire from Allied Minds next Friday, following the annual general meeting.
Non-Executive Director Jeff Rohr will move up to become chair, while Non-Executive Director Harry Rein will become the new senior independent director.
Following the changes, the board will constitute five members.
"Allied Minds is at an inflection point, with a new leadership team and strategy," Rohr said. "We are narrowing our focus to a limited number of portfolio companies and aggressively controlling costs."
"We are excited about the portfolio and our ability to deliver returns to shareholders," Rohr continued. "In the nearer term, we are particularly optimistic about Hawkeye 360, Federated Wireless and Spin Memory. These are highly-innovative companies led by dynamic management teams."
Shares in Allied Minds were 1.3% higher at 77.00 pence in London on Thursday.
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