(Alliance News) - FastForward Innovations Ltd said Thursday Chair Jim Mellon stood down from the investment firm in order to focus more on his other businesses.
Mellon - chair since 2017 - will be replaced as chair on an interim basis by Chief Executive Officer Lorne Abony. Mellon made the decision to leave FastForward in order to "focus more time on his other business activities", in particular biopharma firm Juvenescence Ltd.
"The whole board would like to thank Jim for his service and assistance over the years," Abony said. "We fully understand Jim's decision to step down as he has many business commitments beyond FastForward which require his full attention and which increasingly absorb the bulk of his available time."
"Jim will help create value for our shareholders by driving forward the business at a number of our portfolio companies, while the other directors will continue to focus on creating long term value for our shareholders in line with our investment philosophy," Abony added.
Mellon continues to hold a 10% stake in FastForward, making him the largest individual shareholder in the firm.
Shares in FastForward were 3.4% lower at 7.15 pence in London on Thursday.