2nd Jan 2019 09:41
LONDON (Alliance News) - International Public Partnerships Ltd on Wednesday said it has promoted former Partnerships UK PLC Chief Executive Michael Gerrard to board chair.
Gerrard was appointed to the board of infrastructure investment firm INPP in early September with the intent to assume the role of former chair Rupert Dorey, who retired on Monday.
Gerrard was CEO of Partnerships UK, which company formed to promote public-private partnerships and jointly owned by the UK Treasury and the private sector. He also has been assistant director of Deutsche Bank AG-owned investment bank Morgan Grenfell PLC.
In November, INPP announced its intention to make a further GBP150 million to GBP155 million investment in the Cadent gas distribution business by the end of June 2019, following National Grid's decision to sell its remaining 39% stake in Cadent Gas Ltd to Quadgas Consortium, of which INPP is a member.
INPP will hold a 7.25% stake in Coventry-based Cadent after the new investment.
Shares in INPP were down 0.7% at 152.14 pence on Wednesday morning in London.
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International Public Partnerships