PINN.L Share News (PINN)

AIM-listed provider of tech solutions, Pinnacle Technology, announced the appointment of a new Chief Executive Officer (CEO) with effect from March 3rd.The current CEO Alan Bonner indicated he would step down towards late 2013.Nicholas Scallan, a former Direct of Customer Solutions at technology group Virgin Media, was chosen to succeed Bonner.Scallan joined the company after a notable career within some highly recognized companies in the technology industry, Pinnacle explained.Prior to the above position Scallan was at Energis, the cable and wireless firm, where he was responsible for broadband, data and internet related programmes.The company, which on Tuesday also released its results for the year ended September 2013, highlighted the fact that it had successfully completed its refinancing and announced new partnerships with Virgin Media and Gamma Telecom in order to 'enhance the company's future'.James Dodd, Chairman, said: "I am delighted to welcome Nicholas to Pinnacle as we embark on the next phase of the company's development. With a refreshed board and senior management together with a supportive shareholder base, we are very optimistic that we now have all the elements in place to grow the company into one of the UK's leading players.As of 13:58 the share price dropped by -6.98% to 10.00p.WS