Allied Minds chairman Harry Rein is giving in to pressure from Crystal Amber and announced he will not stand for re-election.
Allied Minds, the US-based commercialisation firm, is set to lose its chairman Harry Rein by the end of next month at the latest as he decides not to seek re-election.
Rein said he would step down either at the annual shareholder meeting or May 31, whichever is sooner, giving in to pressure from activist shareholder Crystal Amber that has been seeking to oust him. The meeting called for April 5 to vote on Rein’s future has now been cancelled.
Rein will work with senior independent director Bruce Failing and the firm’s largest shareholder to facilitate an orderly transition. Following his departure, only Failing and independent non-executive director Mark Lerdal will be left on the board.
He said: “In January 2021, with all portfolio companies at a pre-revenue stage, as a board, we set out to the market…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
