Ian Postlethwaite will exit as CEO of NetScientific this July as the embattled commercialisation firm continues to patch up its balance sheet.
Ian Postlethwaite (pictured) is to step down as CEO, chief financial officer and company secretary of UK-based commercialisation firm NetScientific, Morningstar reported yesterday.
Postlethwaite will part ways with the company on July 14 to seek new pastures in line with his service agreement, ending a tenure which began with his appointment as CFO in April 2016.
He received the CEO post in the wake of predecessor François Martelet’s departure three years later.
Prior to joining NetScientific, Postlethwaite spent 14 years as financial director of allergy treatments developer Allergy Therapeutics from 2002 until 2016, after a five-year spell in the same role at financial services company AFS, where he was responsible for raising more than $522m in debt.
NetScientific has been forced into expenditure cuts to grapple a cash deficit that resulted in its delisting from Aim and the disposal of two portfolio companies.
The firm is expected to use its annual update to publish a strategic review launched to figure out the best management structure and trajectory for maximising shareholder returns.
Richard Sykes, chairman of NetScientific, said: “Ian’s support has been valuable to NetScientific. He has provided a safe pair of hands during this challenging time as we continue to make the most of our reduced central costs and maximise the potential in our remaining portfolio companies to deliver value to shareholders.”
– Image courtesy of NetScienfitic
