Velocys said on Monday that its chief executive, Roy Lipski, has been suspended while an investigation into allegations of serious misconduct is carried out.Lipski will be temporarily replaced by chief financial officer Susan Robertson.The gas-to-liquids group said the suspension does not constitute disciplinary action and does not involve any element of fraud or financial impropriety.In a short statement, Velocys said: "The board will keep his suspension under review and will aim to make the period of suspension no longer than is reasonably necessary."The company added that it is currently trading is in line with expectations.Following the news, shares fell 10.65% to 102.75p on Monday at 10:49.