Proves my point / RNS23 Aug 2013 18:48
21st Century Technology plc the supplier and installation service provider of public transport CCTV and vehicle monitoring systems, announces that Mark Elliott, currently Acting Finance Director of the Company, has agreed to act as Executive Chairman to work closely alongside the Company's Chief Executive whilst a new Chief Executive is sought. Jan Holmstrom, the former Non-Executive Chairman, is to leave the Board with immediate effect.
In addition to actively seeking a Chief Executive Officer, as outlined in the Company's announcement of 19 August 2013, the Company intends to strengthen the Board through the appointment, in due course, of a new Finance Director and a further Non-Executive Director. Once these appointments have been made, Mark Elliott will revert to the role of Non-Executive Chairman.
Mark Elliott, Executive Chairman of the Company, commented that: "The Board is seeking to ensure that the board of directors is structured to fit the Company's strategy, including providing valuable executive support to our current Chief Executive and to meet best practice in corporate governance as soon as practicable.
"It is with regret that Jan has informed the Board that he is not able to commit sufficient time to an executive role in view of his other engagements. Accordingly, he has resigned with our gratitude for his contribution during the past three years. During this time, the Company has established itself as a leading supplier of CCTV to the transportation market, realised its freehold property and subsequently made a significant capital repayment to shareholders, and instigated a dividend policy. I wish him all the best with his future ventures. We are currently working hard to appoint new Board members with strategic and operational experience to further strengthen the Board and look forward to announcing those in due course."
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