LONDON (Alliance News) - Redcentric PLC said Thursday that it has appointed Christopher Cole as non-executive chairman, replacing Richard Ramsay ahead of his retirement from the company.
Cole is a non-executive director of Redcentric. He has previously served as CEO and chairman of WSP Group PLC and as chairman of Ashstead Group PLC.
He will join the Board with immediate effect and take over from Ramsay as chairman on September 1, 2014 who will formally step down from his position on August 31, 2014.
Ramsay has been a director of Redcentric since its creation via demerger from Redstone PLC in April 2013. Before this Richard was a non-executive director and latterly chairman of Redstone from October 2010 and has been a key participant in successfully restructuring both companies, said Redcentric.
"Following the successful de-merger from Redstone and acquisition of InTechnology Managed Services, and with the Company now in a period of stability, Richard Ramsay... has decided that this represents a good opportunity to hand over the Chairmanship to a new Non-Executive Director... Richard has a number of other Non-Executive appointments, some of which are now demanding more of his time and he has therefore decided to focus on those other roles," said Redcentric in a statement Thursday.
Redcentric shares were trading 2.92% lower at 109.22 pence per share shortly after the market open Thursday.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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Redcentric (RCN)
Ashtead Group (AHT)