6th Jun 2019 10:57
LONDON (Alliance News) - Xpediator PLC said Thursday it had restructured its executive team following substantial growth since listing, whilst trading remains in line with expectations amid "strong" demand.
The freight management firm announced a series of senior executive changes to take effect from the start of September.
Chief Executive Officer Stephen Blyth will step up to become executive chair, whilst Chief Financial Officer Stuart Howard will step up to become CEO with the search for his successor as finance chief underway.
Meanwhile, current Non-Executive Chair Alex Borrelli will step back to a non-executive director.
"The Group has grown substantially since its AIM IPO in 2017 and the positional changes being announced today indicate the future roles of the senior executive team and the growth ambitions for the business," Xpediator explained in a statement.
"Stephen Blyth as executive chairman will focus on the strategic direction of the group and M&A opportunities and Stuart Howard, as chief executive officer, will be responsible for over-seeing the day-to-day operational activities of the group," Xpediator added. "The new structure creates a balance between supporting continued organic growth alongside maintaining a strong focus on making value adding acquisitions."
Xpediator also announced that Non-Executive Director Geoff Gillo will retire from the board at the end of the firms annual general meeting later on Thursday.
The AIM-listed company also confirmed it was trading "in line" with market expectations. Demand for its freight management services remains "strong" across its three divisions, with the firm benefiting from "increased activity."
There continues to be a "good pipeline" of bolt-on acquisition prospects, Xpediator added.
"Xpediator has tripled in size over the last two years and is on track to generate revenues this year in excess of GBP200 million," Blyth said. "This success has meant we have invested in senior personnel to manage the enlarged business and maximise the additional opportunities our increased size brings. The operating board now consists of eight extremely experienced, energetic professionals and we are well positioned to take the business forward to the next stage."
"A key appointment last year was Stuart, whom I always regarded as a CEO in waiting and, since joining has demonstrated that he is ideally suited to the role," Blyth continued. "These changes do not fundamentally alter the current day-to-day operations of the group and its management. However, they are a sign of the board's strategy and focus going forward."
Shares in Xpediator were 1.7% higher at 45.75 pence on Thursday.
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