Directorate Change

RNS Number : 5119V

IP Group PLC

29 October 2014

 

FOR RELEASE ON

29 October 2014

IP Group - Retirement of Chairman

IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property based businesses, announces that Dr Bruce Smith, CBE, has indicated that he wishes to step down from his position as Non-executive Chairman and a director of the Company once a suitably qualified and experienced successor has been appointed.

Dr Smith, aged 75, has served on the Board for over 12 years, having originally joined the Board of IP Group in September 2002. He became Non-executive Chairman at the time of the Company's flotation in 2003 and has served in a non-executive capacity since then.

During his time at IP Group, Dr Smith has served on the Audit, Nomination and Remuneration Committees. He is currently Chairman of the Group's Nomination Committee.

Alan Aubrey, Chief Executive of IP Group, said: "Bruce has made an outstanding contribution to the Company over the last twelve years. On behalf of the Board and all of the Company's staff, I would like to thank Bruce for his wise counsel over the years and to wish him well in his retirement."

Bruce Smith, Chairman, said: "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 twelve years. 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."

A further announcement will be made in due course once Dr Smith's replacement has been selected.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer	[phone]
Liz Vaughan-Adams, Communications	[phone] / [phone] [e-mail]
FTI Consulting
Simon Conway / Victoria Foster Mitchell	[phone]

Notes for editors

About IP Group

IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.

IP Group's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.

For more information, please visit our website at www.ipgroupplc.com.

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