(Sharecast News) - IP Group said on Wednesday that chief executive Alan Aubrey and chief investment officer Mike Townend are retiring and stepping down from the board with immediate effect following the successful flotation of its largest holding, Oxford Nanopore Technologies.
Chief financial officer Greg Smith has been promoted to the role of CEO, while chief operating officer David Baynes will become chief financial and operating officer.
IP said both Aubrey and Townend will stay on as employees until 6 April 2022 to facilitate an orderly handover and transition. They will remain as consultants for a minimum of 12 months thereafter.
Chairman Sir Douglas Flint said: "On behalf of the board and the wider IP Group family, I would like to thank both Alan and Mike for the transformational contributions they have made to IP Group over the past 16 and 14 years respectively.
"During Alan's tenure as CEO, the value of the portfolio has increased more than 28-fold to over £1.2bn and has produced several companies worth more than £1bn. We are delighted that Greg will step into the role of CEO and lead the group in its next phase. We are also pleased that Alan and Mike will continue with the group in a consulting capacity so that the group can continue to call on their significant experience in the sector.
"Greg has more than 20 years' experience in financial services, having been in the role of CFO for more than ten years and with IP Group for more than thirteen years. He has played a central role in developing and executing the group's growth strategy which made him the obvious and unanimous choice to succeed Alan."
At 0920 BST, the shares were down 5% at 129p.
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