At the AGM, held on 7 July 2016, Michael Reeve retired as Chairman and as a director of the Octopus AIM VCT PLC. The Board conducted a search for new directors and on 6 October 2016, appointed Neal Ransome and Joanne Parfrey as non-executive directors with immediate effect. Neal Ransome is a chartered accountant and was formerly a partner at PwC. He was Chief Operating Officer of PwC's Advisory business and led its Pharmaceutical and Healthcare Corporate Finance practice. Neal is a director of Quercus (General Partner) Ltd. and was formerly a director of Parity Group Plc. He is also a Trustee and Council Member of the RSPB. Joanne Parfrey has a degree in Chemistry from Oxford University and is an accountant by training. She has over ten years' experience in private equity with LGV Capital, where she was a member of the investment committee and held a number of non-executive positions. She is a Non-Executive Director and Chair of the Audit Committee for Babraham Bioscience Technologies Ltd. and is a mentor on the Accelerate Programme at the Cambridge Judge Business School, University of Cambridge. The Board also announced the retirement of Marion Sears from the board with effect from on 6 October 2016.