Last checked at 18 Feb 2010 07:00
18 February 2010
Pinnacle Telecom Group plc (the "Company")
Director Changes
Pinnacle Telecom Group plc (AIM: PINN), the provider of integrated telecommunications solutions to the SME market, announces that Graham J Duncan has informed the Board that he believes that the time is now right for him to step down as Non-Executive Chairman of the Company with effect from the conclusion of the Annual General Meeting ("AGM") to be held on 29 March 2009.
Commenting on his decision Graham stated: "A great deal has been achieved in 2009 and I believe that, on a personal front, it is also time for change particularly as the group has now reached month-on-month profitability. I have therefore decided to step down from the Chair and from the Board and I will not be seeking re-election at the forthcoming AGM."
The Company is pleased to announce that William Allan has agreed to join the board as Non-Executive Chairman with effect from the conclusion of the AGM. Bill, aged 56, was the former CEO of Thus Group plc from February 1999 to September 2008. Thus was one of the largest independent alternative network carriers in the UK until it was acquired by Cable and Wireless plc in September 2008. Prior to his role at Thus, Bill also worked for Cable and Wireless for 26 years and he has significant experience in the telecom space.
There is no other information which needs to be disclosed pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies.
Commenting on the proposed board changes Alan J Bonner, the Company CEO, commented "I would like to thank Graham for his invaluable assistance and his wise counsel since I became CEO in May 2008. Before that, Graham built the Company from a start-up and his determination to create a telecommunications and IT services business which was capable of being scaled has created the foundation upon which we can now move forward. I am very glad that I will continue to be able to access his services as an important consultant and mentor to the group, under the terms of his existing consulting agreement, until at least 31 May 2011. I believe the combination of Graham and Bill will be of tremendous value to the business and I look to the future with great optimism."
Enquiries:
Pinnacle Telecom Group plc
Alan J Bonner, Chief Executive Tel: 0845 119 2100
Zeus Capital
Ross Andrews/Bobby Fletcher Tel: 0161 831 1512