Allied Minds will henceforth operate without a chief executive after Joseph Pignato announced his decision to resign.
Joseph Pignato, chief executive of US-based, UK-listed commercialisation firm Allied Minds, has resigned from his position effective immediately.
He will remain as interim chief financial officer while the board of directors seeks a permanent replacement. The position of CEO will not be filled going forward, however, as the firm decided the portfolio would now be managed directly by the board.
Pignato’s departure marks the latest shakeup in a tumultuous 18-month period for Allied Minds, beginning with the dismissal of Jill Smith in June 2019 following pressure from activist investor Crystal Amber.
Pignato became sole chief executive after the resignation of his co-CEO Mike Turner in December 2019, which coincided with the departure of non-executive director Fritz Foley and the announcement of chairman Jeffrey Rohr’s retirement by June 2020.
However, Rohr ended up leaving the firm three months early, in March 2020, when Harry Rein was promoted to chairman with immediate effect.
Allied Minds has been on a drive to make its operation more efficient, partially due to calls from Crystal Amber, and its moves have also included changes in its portfolio such as an exit from HawkEye 360, a US-based data gathering satellite operator exploiting Virginia Tech research, in September 2019.