The CEO of listed investor Molten Ventures has stepped down with immediate effect.
Martin Davis., who has served in the role for five years, has been replaced by CFO Ben Wilkinson, with finance director Andrew Zimmermann stepping up as interim CFO.
Davis will remain with Molten until the end of April 2025 to provide handover support and ongoing strategic advice.
“After five years including a global pandemic, the additional impetus it gave to the acceptance and adoption of technology and a pendulum swing back away from that peak, I am pleased to leave Molten Ventures stabilised, expanded and in safe hands,” said Davis.
“As the company prepares to enter the next stage of the cycle, I believe that Molten Ventures needs a leader and executive team to drive growth for the next phase.”
Reporting results for the six months ended 30th September 2024 to the London Stock Exchange, Molten said gross portfolio value rose slightly to £1.34 billion – still short of the figure 12 months ago – while £76 million had been generated in realisations during the period.
Following the anticipated completion of M-Files’ announced exit, which is pending regulatory approval, aggregate total gross proceeds for this financial year would total £124m to date.
The firm invested £51m from its balance sheet during the period, while it rejoined the FTSE 250. It completed a £10m share repurchase programme last month.
Laurence Hollingworth, chairman, said: “We are grateful to Martin for the critical role he has played in the development of Molten into the unique and leading business it is today.
“Having taken over as CEO from the co-founding CEO just three years into public company life on AIM, Martin leaves Molten as a main market company and a member of the FTSE 250, with an extensive track record of strategically additive M&A, evidenced most recently by the acquisition of Forward Partners as well as multiple secondary portfolio investments.
“Martin achieved this against the backdrop of a challenging period, which saw an all-time high in private company fundraising activity and valuations, followed by a significantly more challenging market.
“He continued the further expansion of the Molten Ventures platform supported by Ben. The board offers Martin its thanks for his leadership of the business and wishes him success in his next venture.”