Forbidden Technologies Outlines Strategy Under New Chief Executive

Wed, 20th Jan 2016 10:27

LONDON (Alliance News) - Forbidden Technologies PLC said Wednesday it is has undertaken "significant structural reorganisation" in recent months, following the promotion of Aziz Musa to chief executive officer in the autumn.

Musa had previously headed up the company's marketing and consumer products efforts, but was promoted to take up the chief executive role from company founder Stephen Streater, who in turn took up the position of chairman.

Forbidden operates a cloud video platform, Forscene, as well as online video editor 'Captevate' and video social network 'eva'.

The company said that under the direction of Musa and its new board, it is already making progress executing its new strategy, reducing research and development costs, and investing further into its sales operations.

"Forbidden has for many years devoted itself to developing exceptional technology, but the challenge has consistently been converting that into significant sales. The last few months have seen the biggest step change in the company since inception, and I firmly believe that, under the commercially driven leadership of our new CEO, Aziz Musa, we now have the right structures and expertise in place to deliver a period of sustained revenue growth," Streater said in a statement.

"2015 has been a year of stabilisation. We have achieved our revenue expectations and look forward to growing the business in 2016 and 2017," Streater added.

Shares in Forbidden were down 8.5% at 10.75 pence Wednesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Forbidden