Ex-Ardagh chief Curley to chair Malin
State-backed life sciences investor Malin has overhauled its board and appointed former Ardagh CEO Ian Curley as chairman.
The new board will now embark on an "extensive" review of the company's portfolio and development strategy, with the State sitting on a loss on its investment.
Market reaction was muted, with the shares unchanged at €6.15 at lunchtime yesterday, leaving the State down more than a third on its investment.
Dr Adrian Howd will remain as the company's CEO, but five directors have departed from the board, and three - including Mr Curley - arrived.
Chief financial officer Darragh Lyons is among those leaving the board, but he will remain in the CFO role.
Donal O'Connor, previously the chairman of Anglo Irish Bank, is also departing as chairman. Jean-Michel Cossery, a former vice-president for North American oncology at Eli Lilly, and Rudy Mareel, CEO of medtech business Polyganics, are joining as non-executive directors.
Mr O'Connor said Mr Curley "has the ideal skills and expertise to lead the board of Malin and to deliver on our high-quality portfolio of investments".
Mr Curley left Ardagh at the end of last year, having taken up his role as chief executive in the autumn of 2016.
Mr Curley said he believes "Malin has a unique opportunity to create extensive shareholder value by applying our capital and expertise to our investee companies".
"I will be totally focused on translating this potential into value for our shareholders and on closing the gap between the intrinsic value of our assets and our share price," he added.
The State has invested in the company via the Ireland Strategic Investment Fund (formerly the National Pensions Reserve Fund). It invested €50m as part of the company's IPO at €10 a share in early 2015.
Another major backer is Woodford Investment Management.