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(Alliance News) - ADVFN PLC on Monday said Chair & Co-Founder Michael Hodges will step down with immediate effect, after 22 years with the company.
ADVFN is a London-based operator of financial information websites for private investors, which was co-founded by Hodges, alongside Clem Chambers. Chambers was chief executive officer of the company until February this year, until major shareholder Yair Tauman demanded his removal.
The company said that Hodges will also resign from all group directorships other than in respect of the company's wholly-owned subsidiary, All IPO PLC, until a suitable replacement has been found.
Non-Executive Director David Gold will succeed Hodges as non-executive chair, ADVFN added.
It was also announced that Non-Executive Director Thomas Spiller has stepped down, also with immediate effect.
In addition to the board changes, the company cancelled all share options currently held by directors, including those held by Hodges, amounting to just shy of 1.3 million options.
"The board thanks Michael and Tom for their services and wishes them both well for the future," ADVFN said.
ADVFN shares were up 2.0% to 52.00 pence each in London on Monday morning.
By Sophie Rose; sophierose@alliancenews.com
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