LONDON (Alliance News) - Rightster Group PLC Monday announced Chief Executive Officer Patrick Walker plans to step down and move to a non-executive role, as part of a wider board shuffle which comes amid the ongoing strategic review it announced earlier this month.
As well as Walker, Non-Executive Chairman Mark Lieberman and Non-Executive Directors Michael Broughton and David Mathewson will step down from the board. Chief Financial Officer Niall Dore will remain in his existing role, as will Non-Executive Director Jack Barnett.
Replacing them will be a new management team Rightster said is "supported by the major shareholders", led by proposed new Chief Executive Officer Ashley MacKenzie, Robin Miller as proposed non-executive chairman, Richard Mansell as proposed chief operating officer, and Mark Cranmer as a proposed non-executive director.
MacKenzie was previously chief executive officer of Base79 Ltd, which Rightster acquired in July of last year.
This management team plans to pursue the strategic review it outlined earlier this month, which may lead to the company considering a strategic partnerships or a sale of the business.
Rightster, which distributes and monetises live and on-demand video content, said at that time it will consider all strategic options, including strategic partnerships, acquisitions, divestments, a sale of the company or a new debt facility. This followed the company reporting a widened pretax loss for the first half of 2015, and saying it was considering options to secure additional investment in the fourth quarter of 2015, and make sure it has enough working capital to move towards cashflow breakeven.
"I am proud of what the team has achieved over the last nine months since joining the board. We have accomplished a successful restructuring and significant cost savings and I believe the business is in good shape to be taken forward by the proposed new management team. I thank the outgoing directors for their support and guidance over the last two years and remain enthusiastic about the future prospects of the business," said Walker in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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