9 September 2024
itim Group
plc
("itim"
or "the Company" and together with its subsidiaries "the
Group")
Board
Changes
itim Group plc, a SaaS based
technology company that enables store-based retailers to
optimise their businesses to improve financial
performance, announces the appointment of
Colin Price as Non-Executive Chairman of the Board, with immediate
effect. Mr. Price succeeds Michael Jackson, who is stepping down
from his role as Non-Executive Chairman with immediate effect but
will remain on the Board as a Non-Executive Director.
Colin Price brings a wealth of
experience in consulting, operations, and academia to his new role.
His extensive background includes:
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·
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15 years as a partner at McKinsey
& Company, including seven years as the worldwide leader of
McKinsey's Organisation Practice
|
|
·
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CEO of Heidrick
Consulting
|
|
·
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Chairman of Co-Company, a boutique
consulting firm focused on organisation development
|
|
·
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COO of Quintet Private
Bank
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·
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Co-founder of Talos Capital, an
investment vehicle focused on AI in financial services
|
Mr. Price also holds academic
positions as a Visiting Fellow at Said Business School, University
of Oxford, and as a Visiting Professor at the Institute for Global
Health Innovation, Imperial College. He is the author of several
influential books on business performance and organisational
development.
The Board would like to express its
gratitude to Michael Jackson for his leadership as Non-Executive
Chairman and looks forward to his continued contributions as a
Non-Executive Director.
Ali
Athar, CEO, said: "We are delighted to welcome
Colin Price as our new Non-Executive Chairman. His exceptional
track record in organisational transformation, coupled with his
deep understanding of strategy and leadership, makes him an ideal
fit for guiding itim through our next phase of growth. We look
forward to benefiting from his insights and experience as we
continue to strengthen our market position and drive innovation. We
extend our sincere gratitude to Michael Jackson for his invaluable
leadership as Chairman. We're pleased that he will
continue to contribute his expertise
as a Non-Executive Director, ensuring a smooth transition and
ongoing access to his wealth of knowledge."
Additional
information
The following information is being
disclosed pursuant to Rule 17 and paragraph (g) of Schedule 2 of
the AIM Rules for Companies.
Colin Neil Price, aged 66, does not
own any shares in the Company but as part of his employment
contract he has been issued options over 250,000 ordinary shares in
the Company at an exercise price of 34p. These vest immediately and
are exercisable at any time over the next 10 years.
A list of Colin's current
directorships and partnerships together with those held within the
last five years is set out below:
|
Current appointments
|
Appointments within previous 5 years:
|
|
Accelerating Performance Consulting
Limited
|
Abacai Technologies
Limited
|
|
Talos Capital (UK)
Limited
|
Key Topco Limited
|
|
Timeless Releasing LLP (LLP
Member)
|
Hyperperformance Limited
|
|
|
Complete Cover Group
Limited
|
|
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Meribel Ski Flat SARL
|
In addition, Colin is an LLP Member
of D III LLP (previously, the Film Development Partnership III LLP)
("DLLP"). DLLP is currently in liquidation. Winding up commenced on
15 December 2021. DLLP was created as an investment vehicle for a
film partnership in 2004 for which Colin is an investor alongside
c.100 other LLP Members. The investment scheme was not successful
and accordingly given the length of time that has now elapsed, the
members of DLLP, including Colin, have petitioned the court for the
winding up of the DLLP as part of the administrative process of
closing it down. HMRC have submitted a preferential creditor claim
against DLLP for c£64m but following recent correspondence with the
joint liquidators of DLLP it is now anticipated that this claim
will be withdrawn.
Save as set out above there are no
further disclosures required pursuant to Rule 17 or Schedule Two,
paragraph (g) of the AIM Rules for Companies.
Enquiries:
|
Itim Group plc
|
Ali Athar, CEO
Ian Hayes CFO
|
0207 598
7700
|
|
Zeus Capital Limited (NOMAD & Broker)
|
Katy Mitchell
Harry Ansell
Darshan Patel
|
0203 829
5000
|
|
IFC
Advisory
|
Graham Herring
Florence Chandler
|
0207 3934
6630
|
This announcement contains
inside information for the purposes of Article 7 of the UK version
of Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
ABOUT ITIM
itim was established in 1993 by its
founder, and current Chief Executive Officer, Ali Athar. itim was
initially formed as a consulting business, helping retailers effect
operational improvement. From 1999 the Company began to expand into
the provision of proprietary software solutions and by 2004 the
Company was focused exclusively on digital technology. itim has
grown both organically and through a series of acquisitions of
small, legacy retail software systems and associated applications
which itim has redeveloped to create a fully integrated end to end
Omni-channel platform.