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64.90 1.40 (2.20%)

Bid:

64.90

Ask:

65.10

Spread: 0.20 (0.308%)

Market Cap: £573.34m

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IP Group's chairman to step down

Wed, 29th Oct 2014 08:09

IP Group chairman Bruce Smith is stepping down from the intellectual property business once a successor is found, the firm announced on Wednesday.Smith, 75, has been chairman since the time of the company's flotation in 2003."Since I joined the board, the group has undergone a period of rapid growth and transformation and I feel privileged to have worked with such a talented team over the last 12 years," Smith said."IP Group remains in a very strong position and I feel that now is the right time for me to step down and allow a new chairman to take the helm for the next phase of growth. I would like to wish both the Board and the company's staff continued success in building and developing the company."