Centrica's ex-chief executive, Conn, is reportedly in contention for the position of chair at IP Group.
In the world of early-stage science investing, the London-listed company IP Group is making some significant changes. The current chairman, Sir Douglas Flint, is expected to step down before the end of the year, and a decision about his replacement is expected soon.
Two candidates are being considered for the position: Iain Conn, a former boss of Centrica, and Andrew Latham, who was also a former CEO of Centrica. Conn left Centrica in 2020 after five years as its top executive, and Latham's tenure at the company is not specified.
Conn, who has also held senior roles at BP, and Latham are both experienced leaders in the energy sector. No comment was provided by a spokeswoman for IP Group regarding the recent announcements.
IP Group's portfolio includes stakes in companies such as Hinge Health, which recently floated in New York, and First Light, a nuclear fusion specialist. The company also has a stake in London-listed Oxford Nanopore.
Last year, IP Group received a substantial payout for its stake in Featurespace following its £700m sale to Visa. However, this week, the company announced half-year results, disclosing funding delays and pricing pressure for Oxa and Artios, causing the value of its holdings to decline by more than £35m.
As of Thursday afternoon, IP Group's shares were trading at around 53p, giving the company a market capitalisation of almost exactly £500m. No new information about the decision-making process for the next chairman of IP Group is provided.
It is important to note that no subscription information is provided in this article, and no new information about companies backed by IP Group is given. Additionally, no specific information about the interest rate hold is provided.
The decision about the next chairman of IP Group is expected to be made by its board. With the experience and leadership of both Conn and Latham, it will be interesting to see who will take the helm at IP Group in the coming months.
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