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(Alliance News) - Sabien Technology Group PLC on Tuesday reported the departure of its founder Alan O'Brien as chief executive officer and board director with immediate effect.
Sabien shares in London were down 2.7% at 0.23 pence each in morning trade.
O'Brien said, "Now that the company is entering a new phase I believe it is "the right moment" to step away from the role of CEO to pursue other entrepreneurial opportunities. I intend to remain a shareholder of the company and wish our clients, shareholders and especially the operational team at Sabien, the very best for the future."
The energy reduction technologies provider said it has promoted Non-Executive Chair Richard Parris as executive chair and Chief Operations Officer David Bakst as managing director following O'Brien's departure.
Both posts will be on an interim basis pending the outcome of a previously announced business review, Sabien added.
In October, Sabien said it has commenced a business review to evaluate options for broadening the company's strategic focus into the green sector, particularly in the health and medical rehabilitation destination sectors.
Sabien Chair Parris said: "On behalf of the board, I would like to thank Alan for his stewardship during what has been a challenging period for the Company and for his significant contribution as chief executive of Sabien over the last twelve years".
By Tapan Panchal; tapanpanchal@alliancenews.com
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