Intellectual property-based business developer IP Group announced on Friday that Mike Humphrey has indicated that, for personal reasons, he wishes to retire and step down from his position as non-executive chairman and a director of the company, as soon as a suitable replacement can be recruited.
The London-listed firm said Humphrey joined the board in October 2011 as a non-executive director, and became non-executive chairman in March 2015.

He had served as senior independent director, chairman of the remuneration committee and was currently chairman of the nomination committee, and a member of the remuneration committee.

In addition, IP Group announced that Heejae Chae had been appointed as non-executive director with immediate effect, while Professor Lynn Gladden had indicated that she would be stepping down from her role as non-executive director on or prior to 31 December.

Professor Gladden had been appointed to the role of executive chairman of the Engineering and Physical Sciences Research Council with effect from 1 October and, as such, would need to step down from her role at IP Group to avoid any potential conflict of interests.

"Mike has made a significant contribution to the growth of IP Group during his tenure," said chief executive Alan Aubrey.

"On behalf of the board and all of the company's staff, I would like to thank Mike for his hard work and wise counsel over the years and to wish him well.

"I would also like to express my thanks to Lynn for her contribution over the last four years and I'm delighted to welcome Heejae Chae to the board and look forward to working with him."

Mike Humphrey said that, since joining IP Group, the company had undergone a rapid period of growth, which had seen a "near ten-fold" increase in the value of the portfolio as well as expansion into both the US and Australasia.

"It has been an honour to work alongside such a talented team and I am confident that the group will go from strength to strength."

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