RENOVO GROUP plc ANNOUNCES RESIGNATION OF PROFESSOR MARK WJ FERGUSON AND APPOINTMENT OF JAMIE BROOKE AS NON-EXECUTIVE CHAIRMAN
Renovo Group plc announces that Professor Mark WJ Ferguson, Non-executive Chairman has been appointed Director General of Science Foundation Ireland (‘SFI’) with effect from Monday 16th January 2012. Professor Ferguson will resign as Non-executive Chairman of Renovo Group plc and Consultant to Renovo on 15th January 2012. Mr Jamie Brooke, a current Board member and Non-executive Director will succeed Professor Ferguson as Chairman of Renovo Group plc on 15th January 2012. This will leave the Renovo board comprising of a Non-executive Chairman, Non-executive Director and a Finance Director. Given the company’s stated strategy and tight management of the cost base, the board considers this an appropriate composition.
Based in Dublin, SFI invests in fundamental world class research in areas of strategic importance and strength to the Irish economy. Current key areas of investment include: Biotechnology, Information and Communication Technologies, Sustainable Energy and Energy Efficient Technologies. Since its foundation in 2000, SFI has invested 1.4 billion Euros in quality research projects and currently funds over 900 active research projects and a community of over 3000 researchers.
The Director General of SFI plays a leading role in the formulation and implementation of science policy in Ireland, is a key advisor to the Taoiseach (Prime Minister), the Minister for Jobs, Enterprise and Innovation and other Ministers on science matters and manages the operations of the agency, the investments it makes and ensures that Ireland continues to be a competitive location for knowledge based enterprise.
Professor Ferguson commented “I am delighted to be taking up this interesting and exciting position. I look forward to further developing the strong science base in Ireland and to ensuring that the outputs of that research are appropriately exploited by small, medium and large companies to create jobs and companies which will contribute to economic growth in Ireland. I relish the challenge of realising SFI’s vision of Ireland becoming a global knowledge leader that places scientific and engineering research at the core of its society to power economic development and social progress.
As this is a senior appointment in the Irish Public Service, I am not permitted to hold any concurrent commercial appointments. Accordingly I will be resigning as Chairman of, and consultant to, Renovo on 15th January 2012. Following the completion of the recent restructuring, I am confident that Renovo will create value for it’s shareholders, and I wish the company every good fortune in the future. Finally I wish to thank all of the Renovo Staff, Directors, Investors and Contractors with whom I have greatly enjoyed working since the foundation of the Company – I appreciate your hard work, advice, support, enthusiasm and friendship.”
Jamie Brooke commented “On behalf of the Board, I would like to thank Professor Ferguson for his invaluable contribution to Renovo and wish him every success in the future. It has been a pleasure working with Mark; he has been constructive, supportive and professional through good and bad times. We will miss his considered insight and wish him the best in this move”