AdEPT Technology Group PLC Directorate Change (9915J)
10 December 2018 - 11:40PM
UK Regulatory
TIDMADT
RNS Number : 9915J
AdEPT Technology Group PLC
10 December 2018
10 December 2018
AdEPT Technology Group plc
("AdEPT" or the "Company", together with its subsidiaries the
"Group")
Directorate changes
AdEPT (AIM: ADT), one of the UK's leading independent providers
of managed services for IT, unified communications, connectivity,
voice and cloud services, announces the following Board
changes.
The Board is pleased to announce that Phil Race is being
appointed as an executive director with immediate effect and as
Chief Executive from 1(st) January 2019, with Ian Fishwick becoming
Chairman at that time.
Ian will continue to head the Group's acquisition initiatives,
with Phil taking over the day to day management roles from Ian,
while supporting him with M&A activities. Roger Wilson, the
current Chairman, will become Deputy Chairman.
There are no changes to the composition of the Audit Committee
and Remuneration Committee of the Company as a result of the Board
changes.
Over a 20-year career Phil has headed businesses within
Xchanging, SSP, Sirius and Logica (formerly CMG). He has extensive
and highly relevant experience of IT Outsourcing and enterprise
software, having led companies that deployed global, complex,
mission critical solutions. Born in Cambridge and an Electronic
Engineering graduate of Nottingham University, in 2000 Phil was
awarded an MBA from Henley Management College.
Roger Wilson commented:
"Ian has successfully led the growth of AdEPT over the past 15
years from a start-up in his home in 2003 to a group of nearly 250
employees, generating an impressive GBP11.8 million EBITDA, turning
less than GBP12 million of equity investment into a company
valuation of GBP86 million as of today.
AdEPT is one of only three companies on AIM to have increased
EPS in each of the last nine successive years and we now have a
platform that is suitable for building into a much bigger group,
able to execute larger and more sophisticated client requirements.
The Board is very pleased to have secured the services of Phil
Race, who has the experience to leverage this platform to further
grow our recurring revenue streams organically. Phil will also work
closely with Ian on identifying and capturing opportunities through
acquisitive growth."
On a personal note I'd like to thank Ian for helping make my
work as Chairman a great pleasure. I've enjoyed working with him
immensely throughout the last 15 years. We've enjoyed success
together, and I'd like to wish him all the very best in his new
role as Chairman and I look forward to supporting him as Deputy
Chairman."
Ian Fishwick said:
"I am pleased to welcome Phil as part of the Board at such an
exciting time in the Company's history. We have built a diversified
platform of complementary services that can expand both in terms of
size and complexity of projects, but also further grow the
geography within the UK. Having Phil on board allows me to focus on
acquisition opportunities, which I will continue to pursue with
great passion and where I will continue to work closely with him,
whilst allowing him to handle the day to day operations of the
Company.
It is clear that Phil has the necessary skills and experience to
run and grow a diversified technology business with a strong focus
on sales and marketing. We share the key values that make AdEPT so
special - particularly in how we treat employees and customers. I
am grateful to be able to continue to serve as Chairman and watch
the Group to continue grow and prosper."
Phil Race added:
"I am delighted to be appointed as Chief Executive of AdEPT. It
has become clear that AdEPT has huge strengths and great potential
with a superb culture. I very much appreciate the expertise Ian has
imparted since I joined and we have a shared vision for the
business. These are exciting times in the ever changing and
converging world of technology and communications. I look forward
to building upon the strong foundations created by Ian and his
leadership team, and developing close relationships with our
partners and customers."
Additional information:
Phil Race, aged 52, currently holds or has held no directorships
or partnerships in the past five years.
There are no other matters which are required to be disclosed in
accordance with Rule 17 and paragraph (g) of Schedule Two of the
AIM Rules for Companies.
Enquiries:
AdEPT Technology Group Plc
Roger Wilson, Chairman 07786 111 535
Ian Fishwick, Chief Executive 01892 550 225
John Swaite, Finance Director 01892 550 243
Cantor Fitzgerald Europe
Nominated Adviser & Broker
Phil Davies / Marc Milmo 020 7894 7000
About AdEPT Technology Group plc:
AdEPT Technology Group plc is one of the UK's leading
independent providers of managed services for IT, unified
communications, connectivity and voice solutions. AdEPT's tailored
services are used by thousands of customers across the UK and are
brought together through the strategic relationships with tier-1
suppliers such as Openreach, BT Wholesale, Virgin Media, Avaya,
Microsoft, Dell and Apple.
AdEPT is listed on the London Stock Exchange (Ticker: ADT). For
further information please visit: www.adept.co.uk
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END
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