Former HSBC boss Flint to chair IP business

Sir Douglas Flint, the Glaswegian former chairman of banking giant HSBC has been appointed non-executive chairman and director of IP Group plc, the developer of intellectual property-based businesses.

Sir Douglas has initially been appointed as chairman-elect with effect from today and will assume the role of chairman with effect from 01 November.

He retired as Group Chairman of HSBC Holdings plc on 30th September 2017, having been appointed to that role in December 2010.

For fifteen years prior to this he was HSBC’s group finance director, joining from KPMG where he was a partner.

Between 2005 and 2011 he was also a Non-Executive Director of BP plc.

Mr Flint was Chairman of the Institute of International Finance from June 2012 to December 2016 and was a member of both the Mayor of Beijing’s and the Mayor of Shanghai’s International Business Leaders’ Advisory Councils.

Amongst other roles he is currently Chairman of the Archbishop of Canterbury’s Just Finance Foundation, a Director of the Centre for Policy Studies, on the Global Advisory Council of Motive Partners, a fintech specialist investment platform, Chairman of the Corporate Board of Cancer Research UK and a Trustee of the Royal Marsden Cancer Charity.

In December 2017 he was appointed by the Chancellor as Special Envoy to China’s Belt and Road Initiative.

He will replace Mike Humphrey who, as the Group announced in May, had indicated that, for personal reasons, he wished to retire and step down from the position as soon as a suitable replacement was found.

Mr Humphrey will step down from the IP Group Board at the close of business on 31 October 2018.

Sir Douglas, who currently owns 2,400 ordinary shares in IP Group, said: “I have long been fascinated by how to develop fully the exciting commercial opportunities that emerge from research developed within the world’s leading academic institutions and I’m excited to be given the opportunity to chair one of the leading companies focused on backing and building world-changing businesses based on innovative science and technology. I’m very impressed with IP Group’s business model and am looking forward to working with the team to help deliver value for all stakeholders”.

Alan Aubrey, Chief Executive of IP Group, said:: “I am delighted to welcome Sir Douglas to the Board. He is one of most respected directors in the FTSE 100 with a wealth of highly relevant experience. The Group will benefit enormously from his expertise and we look forward to working with him at this exciting point in IP Group’s development. I would also like to reiterate the Board’s thanks to both Mike Humphrey and Professor Lynn Gladden for their counsel and contribution to IP Group.”

IP Group also confirmed that Professor Lynn Gladden will step down from the IP Group Board at the close of business on 30 September 2018.

On 04 May 2018, the Group announced that Professor Gladden had been appointed to the role of Executive Chairman of the Engineering and Physical Sciences Research Council (EPSRC) with effect from 1 October 2018 and, as such, was required to step down from her role at IP Group on or before 31 December 2018 to avoid any potential conflict of interest.