Allied Minds CEO leaves with immediate effect, NED steps in

Allied Minds' co-founder and chief executive Chris Silva has stepped down with immediate effect and replaced in the short-term by non-executive director Jill Smith.

Smith, most recently chairman and CEO of satellite company DigitalGlobe, has 25 years' experience in the technology and information services sector, beginning at consultancy Bain & Company in London and Boston, where she became a partner.

Chairman Peter Dolan highlighted Smith's "extensive international leadership and operating experience and track record of delivering commercial success" as the company stood at an important point in its development.

"I would like to warmly thank Chris Silva, as co-founder, for his contribution to building Allied Minds into a key player in IP commercialisation. We wish him the very best in his future endeavours."

Silva said: "I am proud of the Company's accomplishments and grateful for the support of our shareholders and the talented people who work here. I believe now is the right time in the Company's development for new leadership."

He said in the long term he will continue to be an Allied Minds shareholder.

In December, Silva led a fundraising of approximately £64m ($81m) at a price of 367p per share for the company to invest alongside third parties in its portfolio of subsidiaries and to fund a pipeline of new technologies sourced from its academic, federal and corporate partners.

The company has not announced any investments since that point.