Woodford-backed tech fund Allied Minds replaces chairman in board shake-up
Neil Woodford-backed technology fund Allied Minds has appointed a new chairman as part of a board and strategy shake-up.
The company, which acts as an incubator fund for tech start-ups, has announced that Jeff Rohr will take over from retiring chairman Peter Dolan at the end of this month.
Harry Rein will also take over as senior independent director from Kevin Sharer, who is also retiring from the firm on June 28, the day of Allied Minds’ annual general meeting.
The appointments are the latest moves in a major overhaul of its board of directors, coming just 10 days after it named new co-chief executives.
On Monday June 10, Allied Minds announced the departure of chief executive Jill Smith.
Ms Smith will be replaced by the pair of co-chief executives, current general counsel Michael Turner and chief financial officer Joseph Pignato.
Allied Minds also announced the end of a bonus scheme for senior executives, on the back of pressure from an activist investor to slash costs and break up.
The company said the leadership change has now primed it for a new strategy, driven by cost reduction.
Mr Rohr said: “Allied Minds is at an inflection point, with a new leadership team and strategy.
“We are narrowing our focus to a limited number of portfolio companies and aggressively controlling costs.”
Mr Woodford, who suspended his flagship fund earlier this month, cut his stake in the London-listed business to 23% from 28% in a bid to raise cash to support his stricken fund.