State-backed life sciences investor Malin will not hire a new chief executive, and will instead look for a chief investment officer.
The new hire will report to Malin’s board, led by recently installed chairman Ian Curley, alongside chief financial officer Darragh Lyons.
Mr Curley said the new hire will focus on the detail of Malin’s portfolio companies and identify potential new assets.
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The company is hosting its first ever capital markets day today, and will present on the outcome of a strategic review which will see it focus in the main on four core assets.
Malin went on a spending spree after a €330m IPO and a number of further share issuances.
As of this morning the share price is less than half the IPO price – leaving the State sitting on a loss on its initial investment.
The company has around €30m in cash left, but is hoping to add to that once its investee companies generate realisable returns.
Mr Lyons said a large proportion of capital realised would be returned to shareholders.
He said he didn’t anticipate returning to the market to raise more money, with the plan being to fund any new assets from capital generated from investees.
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