– SINGAPORE, Singapore – Phorm (AIM: PHRM), a leading internet personalisation technology company, announces certain changes to the board of directors of Phorm and senior management of the Company, to position it to take advantage of the opportunities which have recently opened up in the US market. As part of the changes, Kent Ertugrul, Chief Executive Officer and Executive Chairman, based in Singapore, and Andy Croxson, Chief Financial Officer, based in London, have stepped down from their respective roles effective immediately. Mr Ertugrul and Mr Croxson will be pursuing their other business interests but remain strongly supportive of the Company’s continued progress. The Company is currently in the process of appointing Mr Timothy Todd Smith to the Board as Chief Executive Officer.
Mr Timothy Todd Smith, age 51, from 2006 through 2014 was an executive at Arbitron, Inc. (“Arbitron”), an NYSE-listed global technology firm, where during his last three years he served as its Chief Strategy and Business Development Officer. During his tenure, he successfully negotiated various joint venture and strategic partnership agreements. Mr Smith played a significant role in the acquisition of Arbitron by Nielsen Holdings N.V. in a transaction that yielded strong shareholder returns. Whilst at Arbitron, his duties included overseeing the company’s international sales. Mr Smith also coordinated product research, sales and strategy teams in Arbitron’s digital division to deliver its first suite of digital offerings. Between 2000 and 2006, Mr Smith worked for Manugistics, Inc., an international software company, where he held the position of General Counsel and, in the last year of his employment, held the position of Senior Vice President, Government, Aerospace and Defense and General Counsel. Mr Smith holds a B.Sc. in Administration of Justice from Penn State University and a Juris Doctorate, with Honours, from Rutgers University School of Law.
The proposed appointment of Mr Smith as Chief Executive Officer of the Company remains subject, inter alia, to completion of the requisite due diligence procedures and the approval of the Company’s Nominated Adviser. Lex Fenwick, Non-Executive Director, will assume the role of Executive Chairman with immediate effect pending Mr Smith’s formal appointment. A further announcement will be made in due course.
The Board would like to thank Messrs Ertugrul and Croxson for their considerable contribution to the development of Phorm, with Mr Ertugrul being founder of the business and a long standing board director since 2004.
Commenting on his resignation, Mr Ertugrul stated:”I have devoted many years of my life to building this business to its current stage. As building sales and the development of key business partnerships, particularly in the US, becomes paramount, I am delighted that the Company is securing the services of a candidate of Timothy Smith’s calibre. I wish him the very best and look forward to the Company’s continued progress.”
Commenting on his proposed appointment, Mr Smith stated:”I am very excited to be joining Phorm to take it to the next level, building on the outstanding technology foundation that has been established to date.”
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