Innovacorp president and CEO Clifford Gross is leaving the organization, Innovacorp announced today, Feb. 22. Jacquelyn Thayer Scott, current chair of Innovacorp's board of directors, will act as interim CEO.

"Innovacorp's board of directors is pleased with Cliff's contribution over the past year in refining Innovacorp's business model. He worked to ensure all activities are investment-led, which improves assistance provided to early-stage, knowledge-based companies in Nova Scotia," said Ms. Scott.

"We wish him well in his future endeavours and will work to continue that vision, meet our goals and contribute to the province's jobsHere strategy."

Mr. Gross joined Innovacorp in February 2011 with more than 20 years of experience in technology and product commercialization, intellectual property and entrepreneurship. He has resigned for personal reasons. His last day with the organization will be March 31. A recruitment committee has been struck to find a new president and CEO.

Ms. Scott is past president of Cape Breton University, a professor at the university's Shannon School of Business, and principal of ResourceWorks Consulting. She is an officer of the Order of Canada and is internationally known for her business advice and expertise. Ms. Scott has been Innovacorp's board chair since 2007.

She will step down as board chair during the interim period, and an acting chair will be selected at the next board meeting.

Innovacorp is Nova Scotia's early stage venture capital organization. Target industries include information technology, clean technology and life sciences.

For more information, please contact:

Dawn House
Marketing & Communications
424.8670 x 1189
456.9705 (mobile)

Halifax, Nova Scotia, February 22, 2012