NewMedia Spark, the AIM-listed technology venture capitalist, has changed its board of directors as part of a change in strategy.

Michael Whitaker has stepped down as chief executive to take a non-executive role. Andrew Carruthers, a managing director, has become the new chief executive. The board changes were made late last week, and are in line with the firm's recent decision to concentrate more on managing its investment portfolio and less on making new purchases.