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Novo Holdings replaces director nominee on Convatec Group's board

Convatec Group PLC said Danish investment firm Novo Holdings A/S CEO Kasim Kutay will resign from the company's board as a nonexecutive director, effective July 3.

Kutay is resigning to allow Novo Holdings, a significant investor in ConvaTec, to rotate representatives to the latter's board.

Novo Holdings has the right to nominate one nonexecutive director to the Reading, U.K.-based company's board as part of a 2017 agreement.

Novo Holdings nominated Sten Scheibye to replace Kutay on ConvaTec's board from July 3.

Scheibye recently retired from his position as chairman of Novo Nordisk Foundation and Novo Holdings.

Novo Holdings is a private equity and venture capital arm of the Novo Nordisk Foundation, which also owns a controlling interest in Danish drugmaker Novo Nordisk A/S.