26th Jan 2024 12:51
(Alliance News) - Merit Group PLC shares dropped on Friday, after it said its Chief Executive David Beck has resigned.
Shares in Merit were down 5.6% to 67.00 pence each in London on Friday morning.
The London-based data technology company said Beck is stepping down after joining Merit in 2021.
In his place, Merit has appointed Philip Machray as its new chief executive. He will combine the position with his current chief financial officer responsibilities.
Machray has been with Merit since October 2021.
Chair Mark Smith said: "David joined the company as CEO in 2021 guiding the recovery following the difficult Covid impacted years and more recently led the restructuring of the group's operations completed in 2023. The group is now focussed on two core operating businesses both of which are growing and profitable. The group continues to trade in line with market expectations."
By Sophie Rose, Alliance News senior reporter
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