Allied Minds PLC on Friday confirmed that Harry Rein has stepped down as chair.
Bruce Failing, previously senior independent director, has moved to the position of interim chair.
A recruitment process is now underway at the IP commercialisation company to restore ‘the appropriate number’ of non-executive directors to the board.
The company said it will update shareholders as soon as possible on the process and the new roles.
On Wednesday, Allied Minds PLC on Wednesday reported a narrowed loss for 2021 as it continued its formal strategic review.
It posted a pretax loss of $16.3 million last year, narrowed from $55.5 million in 2020 and revenue of $1.5 million, up from $480,000.
Allied Minds in March had said that, due to the company’s frustrations with its undervaluation on the stock market, it would undertake a formal strategic review and sale process. The company referred to the strategic review in its statement on Wednesday, but didn’t provide any update on progress.
Shares in the Boston, US-based firm were up 5.7% at 17.65 pence on Friday morning in London.
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