Harry Rein has been promoted to Allied Minds board chairman in the latest twist in the commercialisation firm’s leadership saga.
US-based commercialisation firm Allied Minds experienced another move on its board yesterday with the promotion of senior independent director Harry Rein to chairman.
Rein replaces with immediate effect his predecessor Jeff Rohr, who had been expected to depart in June 2020 following a one-year tenure.
Meanwhile Allied Minds has selected Bruce Failing, currently general partner at venture capital firm Alerion Partners, as a new board director.
The appointments are the latest in a line of leadership changes in the wake of the cost-efficiency offensive mounted by Allied Minds’ activist investor Crystal Amber during 2019.
The saga started with the disposal of president and chief executive Jill Smith in June 2019 in favour of co-CEOs Joseph Pignato and Mike Turner, with the latter making way six months later to leave Pignato at the helm.
Turner’s departure was announced with the appointment of Crystal Amber board pick Mark Lerdal, former executive chairman of investment firm Leaf Clean Energy, prompting Crystal to withdraw its requisition notice.
In a regulatory bulletin at the time, Allied Minds said the investor was content with changes to executive compensation which reportedly included Pignato foregoing all parts of his bonus that equated to more than base salary.
Crystal Amber was also pacified by improved returns for Allied Minds shareholders, who received around 50% of the $65.6m collected when the firm exited Virginia Tech-founded data collection satellite company HawkEye 360 in September 2019.
Allied Minds’ 2019 annual financial update is expected on April 2, 2020. The company’s comprehensive income was $2.4m for the first half of the year, compared to $4.2m in the same period of 2018.
Rein said: “On behalf of the board, I extend our deepest thanks and appreciation to Jeff for his many dedicated years of service on the board and the leadership and support he has provided over the past six years.
“I welcome Bruce to the board. His operational and management experience and expertise is invaluable and positions him perfectly to help us.”
– Image courtesy of Allied Minds