23rd Apr 2014 06:55
LONDON (Alliance News) - IP Group PLC Wednesday took another step towards integrating Fusion IP PLC, which was acquired in March, appointing the company's previous chief executive to the position of group chief operating officer.
In a statement, IP Group, which works with university partners to commercialise intellectual property, said it has appointed David Baynes to the role, having already appointed him to the group's board after the Fusion IP acquisition completed in March.
IP Group also said it intends to move towards a structure that will increase the proportion of independent non-executive directors on its board, in line with corporate governance best practice. According to its website, IP Group currently has six non-executive directors, including Chairman Bruce Smith. Of those, only Mike Humphrey, the former chief executive of Croda International PLC, is listed as a senior independent director.
Separately, IP Group said the managing director of its venture capital fund management subsidiary, Top Technology Ventures, is stepping down to pursue other opportunities, but didn't go into further detail.
Charles Winward joined IP Group from in April 2007 to manage Top Technology, having previously been technology infrastructure vice president with JPMorgan Chase and investment manager at Axiomlab, an AIM-listed early stage investment specialist.
By Samuel Agini; [email protected]; @samuelagini
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