– UK, London – IP Group plc (LSE: IPO), 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 1st 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.”
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.
For more information : http://www.ipgroupplc.com
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