IP Group PLC (LSE:IPO) has announced that its chair, Sir Douglas Flint, has agreed to join the board of Prudential PLC (LSE:PRU) as an independent non-executive director and chair designate. With effect from March, and, as a result, he will be leaving the company.
Flint will depart at the conclusion of the company’s annual general meeting in June, as he will not stand for re-election at that meeting.
IP Group said its board nomination committee had been planning succession in line with UK Listing Rules, given that Flint and a number of directors are approaching the maximum nine-year term.
The company added that the succession process is ongoing and a further update will be provided in due course.