(Alliance News) - Westminster Group PLC on Thursday said Executive Chair Tony Baldry will adjust his role to a non-executive capacity, effective from the conclusion of the company's annual general meeting on Wednesday next week.
The London-based provider of security services, for sensitive places such as ports, airports and commercial buildings, said this was alongside Mawuli Ababio stepping down from his role as non-executive director at the conclusion of the AGM. This is in order to spend more time on his other commitments, Westminster Group said.
"The above changes will provide a balanced board with three executives and three non-executives and is in line with best corporate governance practices," the company added.
"As noted in the company's 2022 annual results, we achieved a greatly improved position and the company is pleased to report it is now implementing cost optimisation measures to better streamline the business, with a view to improve profitability whilst maintaining maximum future growth potential."
Soon-to-be Non-Executive Chair Baldry added: "I would like to express my and the board's appreciation for Mawuli's dedication and hard work over the past few years. He has made a positive contribution to the group and is a valued board member. I am delighted therefore that he will remain with us as part of our advisory board.
"Equally I am happy to assume the role of non-executive chairman as part of our cost optimisation programme, and in line with best corporate governance practices, and look forward to continuing to assist Westminster in delivering on its exciting growth potential."
Other members of the Westminster Group board include Chief Executive Officer Peter Fowler, who has been CEO since 1996, as well as Chief Financial Officer Mark Hughes.
Shares in Westminster Group were down 5.9% to 1.72 pence each in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News reporter
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Westminster Group (WSG)