Tampa's Innovaro, the firm formerly known as Utek, said Monday that CEO Doug Schaedler resigned from his job and from the company's board of directors effective immediately.
Schaedler took the chief executive reins in 2009 from Utek founder Cliff Gross, a former University of South Florida professor. Gross built Utek into a small company that connected academic researchers with companies seeking university research to commercialize. Utek would take stakes in some of the resulting commercial companies.
Schaedler chose to rename the company Innovaro earlier this year and tried to restructure the business as a consulting firm that would be less dependent on illiquid investments in small businesses. Company shares that traded over $10 apiece in the fall of 2008 closed Monday at $1.60. The company said Schaedler was replaced by former CTO Group executive Asa Lanum as interim CEO while an executive search takes place.