LONDON (Alliance News) - Proactis Holdings PLC on Thursday appointed Chief Financial Officer Tim Sykes to chief executive role and said that it continued to trade in line with expectations in the first couple of months of the new financial year.
Hamp Wall has stepped down as CEO but will continue to work with the company in an advisory capacity. Sykes will take up the role of CEO with immediate effect.
The spend management firm has started search for a new finance head but Sykes will continue to manage the company's finances in the interim period, alongside his new duties as chief executive.
The company said Hamp will not be obliged to exercise his conversion rights over the 2.0% convertible loan notes due 2022, which were issued to him as part of the company's acquisition of Perfect Commerce LLC in August 2017.
The USD3.8 million will remain convertible into 1.8 million shares until maturity in July 2022.
Proactis has agreed with Hamp that he will be allowed to retain his interest in up to 246,212 shares as part of the company's long term incentive plan. He will also be allowed to exercise an option over a further 300,000 shares under the scheme.
Non-Executive Chair Alan Aubrey said: "Tim has been with the company since its float in 2006 and on a full-time basis as CFO since December 2015. During this time, he has played a leading role in a number of key areas, including the shaping of the group's strategy, the group's M&A programme and the restructuring and shaping of the group's executive team. The board has great confidence in Tim's ability to drive the business forward in his new role as CEO."
Shares in Proactis were down 0.2% at 141.68 pence each.
