15th Jan 2020 12:04
(Alliance News) - NetScientific PLC said Wednesday that Ian Postlethwaite will step down as chief executive officer, chief financial officer and company secretary to pursue other career opportunities.
NetScientific shares were down 17% in London at 5.60 pence each on Wednesday at midday.
The company said Postlethwaite's departure date is scheduled for July 14 in accordance with his service agreement and to ensure an orderly transition.
Postlethwaite, who has served as chief financial officer since April 2016, was also appointed as CEO in April last year, when former Chief Executive Francois Martelet left in order to help the company in reducing costs and to pursue other career opportunities.
NetScientific said it is continuing with its strategy review to determine how best to optimize returns to shareholders and decide on the required management arrangements. The company expects to announce the finding together with its annual results.
The company said it intends to commence a process of future appointments following the conclusion of that review.
Richard Sykes, chair of the company, said: "Ian's support has been valuable to NetScientific. He has provided a safe pair of hands during this challenging time as we continue to make the most of our reduced central costs and maximise the potential in our remaining portfolio companies to deliver value to shareholders."
By Loreta Juodagalvyte; [email protected]
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