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LONDON (Alliance News) - Shares in Seeing Machines Ltd plummeted Wednesday after its chair and boss both left their roles at the driver monitoring technology firm with immediate effect.
Shares in Seeing Machines were 6.9% lower at 2.95 pence on Wednesday.
Chief Executive Officer Ken Kroeger - in post since 2011 - has resigned as chief and from the board of the firm after announcing he believed Seeing Machines "requires a CEO who can commit, long-term, to the successful delivery of the unique strategic opportunity that Seeing Machines has established."
On an interim basis, Paul McGlone has been appointed CEO. McGlone has served as the head of the Fleet business at Seeing Machines after having joined the firm in 2018.
Kroeger will remain, however, as a consultant to the firm until a permanent CEO appointment is made.
Chair Jack Boyer also announced the resignation from his post, although he will remain on the board. Boyer stepped back from his chair role after his future and current directorship and commitments "regrettably placed him in a position where he is no longer able to dedicate the requisite time, travel and energy" to his role at Seeing Machines.
Seeing Machines appointed Kate Hill as interim chair until a permanent appointment is made.
"Ken has been an integral part of Seeing Machines for more than eight years," Hill said, thanking him for "his enduring dedication and hard work over that time."
Hill added the firm was "delighted" that McGlone will take on the CEO role in the meantime.
"Seeing Machines is in the fortunate position of having an executive of Paul's calibre in its ranks to step up at this time," Hill explained. "Paul has a proven commercial track record, is highly respected, and has established strong rapport with the management team while leading the ongoing turnaround of the Fleet business."
Hill also thanked Boyer for his "valuable contributions to the group as chair and look forward to leveraging his skill and experience moving forward." In particular, she thanked him for "his role in overseeing a restructuring of the board and management team as well as the recent fundraising that positions the company for future growth."
