EXECUTIVE CHANGE SUMMARY: Shareholder To Become Executive Chair Of NMC

Thu, 26th Mar 2020 17:42

(Alliance News) - The following is a round-up of company director and manager changes announced on Thursday and not separately reported by Alliance News:

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NMC Health PLC - Mark Tompkins to step down as chair and director following a period of ill health. "This decision was taken as a result of the difficult period which NMC has faced and a desire of the remaining board members to focus on the challenges ahead for the company," NMC said. Faisal Belhoul will be a UAE-based executive chair. Belhoul is founder and chair of Ithmar Capital Partners, a 9% shareholder in NMC. On Tuesday, NMC had announced the resignation of Chief Financial Officer Prasanth Shenoy with immediate effect, also following a period of extended leave for ill health. NMC said that work on the verification of its outstanding debt obligations is continuing, as the private hospital operator warned that its estimated debt position has now risen to USD6.6 billion. NMC said it is continuing to work with advisers to understand the nature of the undisclosed and unapproved debt facilities, including the circumstances under which they were obtained.

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Informa PLC - Process to replace Derek Mapp as chair, announced in January, will continue but likely will run to the end of 2020 in order to have continuity during the Covid-19 crisis. Mapp and other non-executive directors will take a voluntary 25% reduction in fees due to the uncertainty caused by the virus outbreak. Chief Executive Stephen Carter and Finance Director Gareth Wright will take 33% salary reductions, while other member of the executive management team will take 25% voluntary cuts.

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Oilex Ltd - Jonathan Salomon's term as managing director extended to July 31 but at just 2.5 days per week in order to save cost during the virus pandemic.

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Panthera Resources PLC - Hires Oilex CFO Mark Bolton as managing director from April 1. Earlier Thursday, Oilex had said Bolton would be appointed to the board as a director, having served as CFO since 2016.

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Concurrent Technologies PLC - Mark Cubitt hired as non-executive director. Cubbitt is non-executive chair of Beeks Financial Cloud Group PLC. He was CFO of Wolfson Microelectronics PLC until its sale to Cirrus Logic in 2014. Concurrent said it will delay the release of its annual results in line with guidance from the UK Financial Conduct Authority. It said it still expects to report revenue slightly ahead of expectations and underlying profitability in line with market forecasts.

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Jaywing PLC - Hires Andrew Fryatt as CEO immediately and will join board. Fryatt was CEO of Ideal Shopping Direct PLC and most recently managed Zen Internet's largest division. Fryatt will lead the search for a new CFO to replace Mike Sprot.

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Paragon Banking Group PLC - Hires Alison Morris as non-executive director immediately. Morris is an accountant was a partner in PwC's Financial Services Assurance Practice, having joined the firm in 1982.

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Pets At Home Group PLC - Paul Moody to step down as independent non-executive director on July 9 after serving six years.

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Quixant PLC - Gaye Hudson to step down as non-executive director at May AGM. Search is underway for replacement.

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Trakm8 Holdings PLC - Hires Peter Mansfield as executive director. Was CEO of Deko, a retail finance technology provider.

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By Tom Waite; thomaslwaite@alliancenews.com