June 20, 2019 / 7:02 AM / 8 months ago

Woodford-backed Allied Minds replaces chairman

LONDON (Reuters) - Allied Minds, a British tech incubator fund backed by money manager Neil Woodford, said its chairman and senior independent director would step down later this month.

Chairman Peter Dolan and Kevin Sharer will retire on June 28 and will be replaced by current non-executive directors Jeff Rohr and Harry Rein, the company said on Thursday.

Rohr said Allied Minds was 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,” he said in a statement.

Allied Minds, which is based in Boston, United States, but listed in London, saw its chief executive stand down earlier this month after pressure from an activist investor.

Woodford, who recently had to suspend his flagship fund, has cut his stake in Allied Minds.

Reporting by Paul Sandle; Editing by Susan Fenton

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