Ultimate Sports appoints Matthew Farnum-Schneider as CEO

Venture capital firm Ultimate Sports named Matthew Farnum-Schneider as its new chief executive officer on Friday.

As part of his remuneration package, Farnum-Schneider, who was most recently a managing director and senior adviser to the CEO at Credit Suisse between 2015 and 2019, will receive 4m ordinary shares over the next six years.

Executive chairman Richard Owen said: "I am very pleased that someone the calibre of Matthew will be joining USG as CEO and has committed himself to spearhead the corporate development of the group."

Separately, Ultimate Sports revealed Geoffrey Simmonds had informed the board of his desire to retire, with immediate effect, after serving as a director of the group since jointly founding the business in 1999.

Owen said: "On behalf of the board, my sincere thanks go to Geoffrey for his substantial help over many years, and we wish him and his family the very best for the future."

As of 0850 BST, Ultimate Sports shares were flat at 16.50p.