13th Oct 2014 08:41
LONDON (Alliance News) - Audioboom Group PLC Monday said it has appointed former Virgin Media and UBM PLC executive Malcolm Wall as its non-executive chairman with immediate effect, while investment banker Jason Mackay has been appointed a non-executive director with a particular focus on the company's marketing.
In a statement, Audioboom said Wall was formerly head of content at Virgin Media, chief executive of Abu Dhabi Media, chief operating officer of UBM and also held a number of senior roles within ITV companies. He is currently working with Pinewood Studios to develop its Chinese interests.
Mackay worked for 11 years at UBS and Morgan Stanley, most recently as a managing director in Morgan Stanley's equity business. He was also co-head of hedge fund GLG's UK equity business for 7 years, responsible for managing USD3 billion of assets. Over the last 4 years, he has founded several property businesses and invested in and helped numerous small companies, according to Audioboom.
As a result of the appointments, Roger Maddock will step down as chairman, but will stay on the board with responsibility for Jersey matters, while Rodger Sargent will leave the board, having helped complete the recent fund raise, the company said.
"Given the speed of progress and growth of international operations, the board is actively engaged in searching for a finance director and expect to announce an appointment in due course," the digital social media audio platform company said.
Audioboom also said it saw 170,000 new registered users in September, up 30% from August. In the 10 days since the launch of its new app on September 22, there were over 275,000 downloads of the app, on minimal marketing, a figure considerably ahead of management expectations.
"I am delighted to welcome Malcolm Wall and Jason Mackay to the board- it is a reflection of Audioboom's progress that we are able to attract two such high calibre people. Malcolm's experience in global media, digital and technology and Jason's considerable success and expertise in the capital markets will be crucial as we take Audioboom to the next level," Audioboom Chief Executive Rob Proctor said in a statement.
"The statistics released today show the progress Audioboom has made In a short period of time; I am particularly encouraged by these early indications of uptake for the new app. However, they also reveal there is a huge untapped global market out there for us to aim at and I look forward to making further updates on our progress in the near future," he added.
Audioboom shares were up 9.9% at 15.25 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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