LONDON (Alliance News) - eServGlobal Ltd Monday said it has put a stop to its search for a new chief executive, instead promoting Non-Executive Director John Conoley to the role of executive chairman to lead the company alongside Chief Operating Officer Stephen Blundell.
In a statement, eServGlobal said it is discontinuing its search for a new chief executive, because the combination an executive chairman and a chief operating officer is "currently the appropriate leadership team" for the company. As recently as its March 24 annual meeting, eServGlobal had said that the search for a new chief executive was "progressing", with interviews underway.
Duncan Lewis, the company's non-executive chairman, will act as a non-executive director, eServGlobal said.
Conoley, who is the former head of mobile device company Psion PLC, has been a non-executive director of eServGlobal since April 2013, when he was appointed as former chief executive Paolo Montessori began work in the role. Conoley's promotion to the role of executive chairman contrasts with the fate of Montessori, who resigned on March 2 ahead of a difficult annual meeting of shareholders later that month.
eServGlobal's shares have been under pressure since shareholders voted down the company's remuneration report at the annual meeting.
eServGlobal shares closed at 14.11 pence on Friday. The stock is down by more than 50% so far in 2015.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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