– UK, Bradford – ECSC Group PLC (LSE:ECSC), today announces that Ian Mann has resigned as Chief Executive and as a Director of the Company. He remains fully committed to the business as a major shareholder, and as a full-time employee, focusing on business development and marketing. Stephen Hammell will move from Finance Director to become the new Chief Executive. Lucy Sharp remains as an Executive Director on the board.
The Board also announces that Nigel Payne is stepping down as non-executive Chairman of the Board with immediate effect. He will be replaced as Chairman by David Mathewson. Stephen Vaughan will be remaining on the board as non-executive Director.
In making these changes the Board is of the view that, whilst trading in the first quarter is in line with management expectations, the business has still not developed the necessary momentum to deliver long term shareholder value. While the current cash balance is slightly ahead of plan, trading conditions for the Company remain challenging. Consequently, the Board is of the view that a change of Chief Executive is required, as well as an increased level of involvement from the non-executive Board members. This will give the Board the opportunity, over the coming weeks, to review and if necessary remodel our offerings to the market.
Mr Mathewson and Mr Vaughan commented “We believe that the changes outlined will help provide the necessary support to the Executives in reviewing the business and making the changes required to embrace the market potential in which both of us remain confident.”
Commenting on his departure from the Board, Mr Payne said “I remain of the view that ECSC can be a successful growth company in an exciting sector. It is however clear to me that steering the Company through this challenging course will require a Chairman who has more time to provide to the business than I have available. I have therefore agreed with my colleagues that the business would be better chaired by an experienced chairman who, with increased non-executive time, will provide the support the executive team need.”
ECSC is a proven provider of cyber security services with a blue-chip client base that offers a comprehensive range of solutions.
The Company has over 16 years’ experience in the design, implementation and management of cyber security solutions. ECSC’s consultancy-led approach, and its combination of custom methodologies and in-house proprietary technologies, enables the Company to provide individually tailored services to its clients. The Company has significant intellectual property, including bespoke products delivering remotely managed cyber security services and custom-made internal support and delivery systems.
For more information : http://www.ecsc.co.uk
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