5 Jun 2020 07:00
5 June 2020
XPEDIATOR PLC
("Xpediator" or the "Company" or the "Group")
Board Changes
Xpediator, (AIM: XPD), a leading provider of freight management services across the UK and Central and Eastern Europe, announces that, with effect from today, Stephen Blyth will step down as CEO of the Group, but will continue as a director in the position of Founder and non-executive Deputy Chairman.
Stephen's desire to step away from the role of CEO was previously announced last summer but given the prevailing circumstances he agreed to stay on as CEO. Given health concerns, Stephen has decided that now is the right time for him to spend more time with his family.
A formal process to appoint a new permanent CEO has commenced which will include internal and external candidates. In the interim, the Board has appointed from within the business two of the senior management team, Robert Ross and Danor Ionescu, to jointly cover the position of CEO. Robert and Danor will report into the Board, with responsibilities split as follows:
Robert Ross, currently Group CFO and a Board Member, will maintain responsibility for Group finance. He will take responsibility for Affinity and will also manage all UK-based entities.
Danor Ionescu, currently COO Logistics Romania, will manage the entities in continental Europe from his base in Vienna. Danor currently manages our successful Pallex Romania entity and also Logistics Romania. Danor will therefore take on the additional responsibility of the business units in Continental Europe, except for Affinity, and lead our Group Sales activity.
As non-executive Deputy Chairman, Stephen will also chair a newly formed M&A committee as well as being appointed a member of the audit committee.
Commenting on the changes, Stephen Blyth commented:
"It has been over 32 years since I started the business. The business has now grown to annualised turnover in excess of £200m and has over 1,000 employees. Working from home over the previous three months due to COVID-19, has reinforced my decision to step down from the day to day responsibilities of CEO. I very much look forward to remaining on the Board and providing opportunities to help further grow the business through chairing the M&A committee. I wish Robert and Danor much success in their new interim positions and will assist in the identification of a new CEO to lead the Group in the next phase of its growth."
Chairman of Xpediator, Alex Borrelli commented:
"The Board would like to express its gratitude and admiration for the business that has been developed by Stephen over the last 32 years, and very much look forward to continuing to work with Stephen as the business enters its next phase of growth.
Stephen has successfully managed the Group through the impact from COVID-19 and the Group is well placed for delivering a good performance for 2020.
We have a strong management team in place and it is important that we identify the best candidate for the new CEO through an orderly process to work with our team and lead the Group, which we have now commenced."
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries
Xpediator plc | Tel: +44 (0)330 043 2395 |
Stephen Blyth, Chief Executive Officer | Email: info@xpediator.com |
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Cenkos Securities plc (Nominated Adviser & Joint Broker) | Tel: +44 (0)20 7397 8900 |
Max Hartley, Max Gould (Corporate Finance) |
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Nick Searle (Sales) |
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Cantor Fitzgerald Europe (Joint Broker) | Tel: +44 (0)20 7894 7000 |
David Foreman (Corporate Finance) |
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Caspar Shand Kydd (Sales) |
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Novella Communications (Financial Public Relations) | Tel: +44 (0)20 3151 7008 |
Tim Robertson |
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Fergus Young |
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About Xpediator:
Xpediator is a well-established international provider of freight management services. Established in 1988 by Stephen Blyth, the Group's international network of offices provides road, sea and air freight services, together with logistics and warehousing in the UK and Romania. The business offers integrated freight management within the supply chain logistics and fulfilment sector, through its three main areas: freight forwarding, logistics & warehousing and transport services. With headquarters in Braintree, Essex and country offices in nine CEE countries across 38 sites, the Group currently employs over 1,000 people and was successfully listed on London's AIM market in 2017.
For more information, please visit: www.xpediator.com.
Alternatively, do follow us on Twitter at @Xpediator or find us on LinkedIn at Xpediator Plc.