Midatech Pharma PLC on Friday said that Chair Rolf Stahel plans to leave the board on June 20, and it named Stephen Parker as his successor.

The research & development biotechnology company said that Stahel intends to retire after seven years.

Midatech added that it will plans to appoint Parker as Stahel’s successor, following its annual general meeting on June 20.

Parker is currently chair of fellow AIM listing Sareum Holdings PLC and a non-executive director of London Main Market-listed MGC Pharmaceuticals Ltd.

Chief Executive & Chief Financial Officer Stephen Stamp said: ‘Parker’s broad experience both as an executive in, and senior adviser to, the industry will be invaluable to Midatech in the next stage of the company’s evolution.’

Shares in Midatech were up 1.0% to 10.10 pence in London on Friday morning.

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