23 Apr 2014 07:00
Fitbug Holdings Plc / Epic: FITB.L / Index: AIM / Sector: Leisure
23 April 2014
Fitbug Holdings Plc ('Fitbug' or 'the Company')
Appointment of former Bloomberg business unit head as CEO
and signing of US Retail Sales Representative Agreement
Fitbug Holdings Plc, the AIM listed provider of online personal health and well-being services, is pleased to announce that it has appointed Malcolm Fried to succeed David Turner as CEO of the Company with immediate effect. Additionally, the Company has signed an exclusive retail sales representative agreement with Griffin International Companies, Inc. ('Griffin'). Under the terms of this two year agreement Griffin agrees to act as the Company's sole and exclusive US sales representative to Target, Best Buy and Walmart specifically.
Previous to this role, Malcolm Fried worked for Bloomberg LP for 13 years, most recently holding the position as the Head of Bloomberg's London business unit that encompassed digital and broadcast in Europe, the Middle East and Africa. Prior to Bloomberg, Malcolm was based in Johannesburg as a director of Primedia Broadcasting, overseeing a group of commercial radio stations. He has extensive experience in building and structuring operations to optimise efficiency and value.
Following Malcolm's appointment David Turner will step down from his role as CEO of Fitbug Holdings PLC but will remain as a non-executive director. Fergus Kee's role of Chairman will revert to a non-executive one. Paul Landau, founder of the Fitbug business, remains an Executive Director of the Company and CEO of the Company's subsidiary Fitbug Limited.
Griffin, based in Minneapolis, is a leading US retail sales representative firm comprised of experts in all aspects of sales and sales support, merchandising, product development, multi-channel strategy, pricing and brand growth. Their dedicated team has placed premium branded products in over 10,000 retail store locations of the top US national retailers. The agreement with Griffin follows the announcement last month of the appointment of six retail distribution partners providing coverage in the UK, France/Germany/Italy, Russia, South Africa, Australia/New Zealand and some of the main markets in Asia.
Fergus Kee, Chairman of Fitbug said, "With consumer demand for wearable technology now growing strongly, this agreement with Griffin will help accelerate Fitbug's retail channel growth in the US. Malcolm brings strong leadership, operational, business development and digital experience to Fitbug at an exciting time in the Company's development."
Mr Fried, aged 50, currently has no beneficial interest in the share capital of the Company.
There are no other matters which are required to be announced with regard to the appointment of Mr. Fried under paragraph (g) of Schedule 2 of the AIM Rules.
**ENDS**
For further information contact:
Paul Landau/Andrew Brummer | Fitbug Holdings Plc | 020 7449 1000 |
Mark Percy/Catherine Leftley | Cantor Fitzgerald Europe | 020 7894 7000 |
Claire Louise Noyce / William Lynne | Hybridan LLP | 020 7947 4350 / 020 7947 4361 |
Elisabeth Cowell/Charlotte Heap | St Brides Media & Finance Ltd | 020 7236 1177 |
Notes
Fitbug is a leading provider of online health and well-being services to help individuals to improve their lifestyles by making realistic changes to their daily routine. It combines activity tracking devices, which download to the Fitbug app and fitbug.com to provide an understanding of each user's daily activity achievements, with mobile and web technology providing users with personalised weekly activity and nutrition targets, feedback, advice and encouragement.
Key market sectors and distribution channels include retail, health insurance and rewards providers, workplace health programmes fitness operators and consumers. Increasingly, Fitbug's platform acts as the driving force behind third party services such as white label sites, activity driven games and challenge microsites and rewards programmes. The Company's main focus is now on building strategic partnerships with organisations that can integrate Fitbug into their own service/product offerings or resell to their customer base. The Company has operations in the UK, Australia and Asia, with the United States remaining the primary market. For more information, visit www.fitbug.com.
The Fitbug business was founded by Paul Landau, CEO of Fitbug Limited. Fergus Kee, Chairman of the Company is the former Managing Director of Bupa's £2.1 billion turnover UK and North American Division.