Fitbug Holdings appoints Donald Stewart to its Board of Directors as Chairman

– UK, London – Fitbug Holdings Plc, the AIM quoted provider of online personal health and wellbeing services, is pleased to announce the appointment of Mr. Donald Stewart as Chairman with immediate effect. Mr. Stewart’s extensive experience with AIM quoted companies and proven track record within the growth arena will be highly complementary to the technical and industry expertise of the existing Board members. In line with this appointment, Allan Fisher and David Turner will resume their roles as non-executive Directors.

Additionally, Paul Landau, CEO of Fitbug’s 100% owned subsidiary Fitbug Ltd, and James Ward, interim CFO, are stepping down to pursue new business opportunities. The Company’s CEO Anna Gudmundson will fulfil Paul’s current responsibilities. Fitbug’s search for a replacement CFO is well advanced and an interim CFO has been secured until this process has been completed.

In April 2013 Mr. Stewart joined the board of Progility Plc (formerly ILX Group Plc), and was involved in the implementation of its growth strategy, taking it from a £17m turnover business with around 80 employees to a £60m turnover business with nearly 700 employees in the UK, Middle East, India and Australia by 2015. Prior to Progility Plc, he was a corporate partner with three different UK law firms and has over 25 years’ experience in corporate finance, mergers and acquisitions and related corporate, insolvency and regulatory issues.

Mr. Stewart is a Director (and past Chairman) of the Quoted Companies Alliance, the UK not-for-profit organisation dedicated to promoting the cause of smaller quoted companies. He has also published extensively on matters affecting SME financing and regulatory developments in publications as diverse as the Financial Times, Bloomberg Law Reports, Management Today and the International Financial Law Review.

Fitbug CEO Anna Gudmundson said, “We are delighted to welcome Donald to the Board. Considering his extensive career in working with and growing public companies, I am confident that he will complement the Board’s industry-level experience as we enter an extremely exciting phase in our development; Kiqplan V2 has recently been launched, representing a significant milestone for the Company and over the coming months we will focus on marketing this to drive sales and our business alike.

As we evolve into this new phase of our development we say goodbye to some of our team. I would like to thank Paul for his pioneering vision, passion and dedication, which has been instrumental in building Fitbug into the innovative digital health company that it is today. I have enjoyed working with him over recent months as we have focused on ensuring that the business is well positioned for his departure and I wish him the very best in his future endeavours.

“I would also like to thank Allan and David for stepping in to fulfil the Chairperson responsibilities as well as James Ward for his contribution to Fitbug over recent months. We are currently evaluating a range of highly competent candidates to join the Company’s management team and aid our future growth plans as we focus on creating a strong team to grow the business and ensure that Kiqplan V2 is successfully received by our users and keeps evolving at a rapid pace.”

Outgoing Fitbug Ltd CEO Paul Landau said, “The decision to move on has been an incredibly difficult one for me. However, after more than a decade leading an amazing team, I feel it is the right time for me to explore new opportunities. With the recent launch of the Kiqplan App, which positions Fitbug at the leading edge in a rapidly evolving digital market, and the appointment of Anna Gudmundson as Group CEO, I feel confident that the Company is ideally poised, with a safe pair of hands at the helm to drive growth.”

About Fitbug

Fitbug is a leading provider of online health and well-being services to help individuals to improve their lifestyles by making realistic changes to their daily routine. It combines activity tracking devices, which download to the Fitbug app and to provide an understanding of each user’s daily activity achievements, with mobile and web technology which provides users with personalised weekly activity and nutrition targets, feedback, advice and encouragement.

Its “Kiqplan”TM digital health coaching platform is designed to make wearable technology relevant to new audiences and take the “so what?” out of activity tracking by providing structured action plans to help people get fitter, lighter and lead happier, healthier lives.

Key market sectors and distribution channels include retail, health insurance and rewards providers, workplace health programmes, fitness operators and consumers. An important part of the Company’s focus is on building strategic partnerships with organisations which can integrate Fitbug or Kiqplan into their own service/product offerings or resell to their customer base.

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