TIDMCYAN
RNS Number : 2235T
CyanConnode Holdings PLC
19 March 2019
19 March 2019
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Director and Senior Management Changes
CyanConnode Holdings plc, (AIM:CYAN), a world leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, announces the
following Board and senior management changes:
Board changes
-- the appointment of Christopher Jones and Peter Tyler to the
Board of the Company as Non-executive Directors with immediate
effect;
-- Harry Berry will be stepping down from the Board with effect
from 31 March 2019 and from the role of Chief Operating Officer
(COO) at the next Annual General Meeting in June 2019. He will
provide ad hoc consultancy services to the Company for a 12-month
period from July 2019;
-- Paul Ratcliff will be stepping down as Non-executive Director
with effect from the next Annual General Meeting; and
-- the promotion of Heather Peacock to Chief Financial Officer
of the Company (Heather remains on the board).
Senior management changes
-- the promotion of Anil Daulani to Chief Executive Officer
& Managing Director of India while continuing on the Board of
the Indian subsidiary; and
-- the promotion of Allan Baig (currently Head of Engineering)
to Vice President Engineering & Operations.
The following changes are to align the Board and senior
management team with the Company's strategy as it continues to
establish itself as a world leader in internet of things (IoT)
technology for smart city solutions and grow its order book from
its key markets (India, China, Nordics, SE Asia and UK), and in
turn revenues.
Board changes
Chris Jones joins CyanConnode from global technology giant Arm
Limited ('Arm', the multinational semiconductor and software design
company) where his most recent role was Vice President of
Commercial Operations for its IoT Service Group overseeing product
Licencing and SaaS business models, at its Cambridge, UK
headquarters. Prior to this he held the position of Chief Operating
Officer for mobile, device and IoT security leaders, Trustonic Ltd,
a company founded in 2012 by Arm, Gemalto and G&D. At
Trustonic, Chris was responsible for overseeing the formation of
the company and the implementation of its strategic direction,
managing core functions of legal, HR, finance, IT and
facilities.
Chris was at Arm from 1997 to 2012, initially in product
management roles, culminating in the position of VP Licensing
between 2004-2012 leading Arm's CPU/ SoC product Licensing and
revenue management. His extensive experience in commercial
operations, licencing and royalty business models will be greatly
advantageous to CyanConnode as it continues to evolve its Licencing
models to maximise sales growth and recurring revenues. Chris will
be Chairman of the Remuneration Committee and a member of the Audit
committee.
Peter Tyler is a fellow of the Chartered Institute of Certified
Accountants. He has held a number of roles in finance, mainly in
the pharmaceutical sector, and is well versed in growing businesses
and creating shareholder value. Peter has also been involved in a
number of charities where his role has been building them up,
putting in place structures, processes and teams and funding to
satisfy the demands of the programmes. Peter will be Chairman of
the Audit Committee and be a member of the Remuneration
Committee
The Company also announces that Harry Berry will be stepping
down from the Board with effect from 31 March 2019 and will step
down from his COO role following the next Annual General Meeting
scheduled for June 2019. Harry took on the COO role with the aim of
completing a few critical objectives over 2-year period. These
included the following: (i) the development and launch of the
Omnimesh product on time and to ensure positive customer feedback
borne out by orders; (ii) the rationalising of the engineering team
to consolidate the Connode acquisition completed in July 2016;
(iii) to create a world class team and (iv) to ensure the handover
to a strong leader to run the engineering team. These objectives
have all been completed and the Company would like to thank him for
his contribution during his time on the Board, particularly in his
role as Chief Operating Officer and wish him well for the future.
Harry will continue to be a supporter & shareholder in
CyanConnode.
Heather Peacock was appointed to the Board in July 2018 and has
been promoted to Chief Financial Officer. In addition to overall
responsibility for the functions of Group Finance and Company
Secretarial, she will oversee the functions of HR, IT and
admin.
Finally, the Company announces that Paul Ratcliff will step down
from the Board at the next Annual General Meeting. This will allow
him to enable a smooth handover of the roles of Audit Chairman and
Remuneration Chairman whilst completing final deliverables on the
ISO audit. The Company has recently been advised they have passed
certification for the three ISO standards towards which they have
been working under Paul's leadership. These include ISO9001:2015,
ISO27001 and ISO14001. The Company would like to thank him for his
work and support during his three and a half years on the Board.
Paul will continue to be a shareholder, while pursuing his interest
in the fast developing Blockchain and Health areas; the latter
being another major user of IoT RF devices.
Senior management changes
The Company announces that Anil Daulani has been promoted to
Chief Executive Officer & Managing Director India. Since
joining the Company, Anil has grown the Indian operations
substantially, and has aided significant contracts wins, which saw
orders to the value of $19.4 million for CyanConnode's Omnimesh
solution, launched in June 2018. The Indian market remains a key
focus for CyanConnode and the Company expects further solid growth
with a number of future opportunities.
The Company is also pleased to announce that instead of
replacing the COO position, Allan Baig, who has worked closely with
Harry over the last 18 months, will be promoted to Vice President
Engineering & Operations with immediate effect. Allan joined
CyanConnode in June 2017 from Landis + Gyr, a multinational
metering solutions company, and has run the engineering function at
CyanConnode since then, overseeing the development of Omnimesh and
managing the knowledge transfer from Sweden to the UK allowing for
the closure of the Swedish office.
John Cronin, Executive Chairman, commented: "We are delighted to
announce the appointment of Chris and Peter at such an exciting
time for the Company. Their experience and knowledge will be
invaluable to us as we continue to execute on the Company's growth
strategy focussing on rolling out our innovative and new Omnimesh
smart metering solution and building our position as the leading
IoT technology for smart city solutions.
"I would also like to thank Harry and Paul for their
contribution to the Company, which has helped see the Company grow
over that time."
Harry Berry commented: "I am delighted to say that all of the
objectives that John asked me to take on as part of the COO role
have now been achieved. In Allan Baig, I believe we have a strong
VP who I am confident will continue to lead the engineering team
effectively. I will of course as an investor maintain a keen
interest in CyanConnode's progress. I believe the Company is now in
a great position to win and deliver on large orders in what is a
truly global market."
Paul Ratcliff commented: "I have enjoyed my time with
CyanConnode immensely. The Company now looks set to benefit from
careful product preparation followed by its success obtaining early
orders from major customers. As a shareholder I look forward to the
Company continuing its development and maturing into a major and
valuable player in the IoT space."
Disclosures required under AIM Rule 17
Further disclosures on Mr Jones as required under Schedule Two,
paragraph (g) (i)-(viii) of the AIM Rules are as follows.
Christopher Lloyd Jones (age 54), has held the following
directorships in the past five years:
Past
Trustonic Oy
Trustonic Inc.
Trustonic GmbH
Trustonic Korea
Mr. Jones is not currently a director or partnership of any
other companies.
Current beneficial interest
Mr Jones has no beneficial interest and does not hold any
options over shares in the capital of the Company.
There is no further information to be disclosed in relation to
Mr Jones's appointment pursuant to AIM Rule 17 or paragraph (g) of
Schedule Two of the AIM Rules for Companies
Further disclosures on Mr Tyler as required under Schedule Two,
paragraph (g) (i)-(viii) of the AIM Rules are as follows. Peter
Granville Tyler (age 51), is currently a director of Just Earth
Limited. Mr. Tyler has held no other directorships in the past five
years:
Current beneficial interest
Mr Tyler holds 964,128 ordinary shares of 2 pence each
("Ordinary Shares") in the capital of CyanConnode and does not hold
any options over shares in the capital of the Company
There is no further information to be disclosed in relation to
Mr Tyler's appointment pursuant to AIM Rule 17 or paragraph (g) of
Schedule Two of the AIM Rules for Companies
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Arden Partners plc (Nomad and Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Felicity Winkles / Sarah Hollins/ Annabel Atkins
cyanconnode@yellowjerseypr.com
About CyanConnode
CyanConnode is a world leader in Narrowband Radio Frequency (RF)
Smart Mesh Networks that facilitate machine to machine (M2M)
communication. CyanConnode's innovative network technology, which
is self-forming and self-healing, uses the Licence Free Industrial,
Scientific and Medical Radio Band which is optimised to give
exceptional performance and competitive total cost of ownership.
Through global partnerships, CyanConnode provides customers with
solutions for the rapid deployment of build-as-you-go Narrowband RF
Smart Mesh Networks that provide reliable and secure citywide or
countrywide M2M communication.
For more information, please visit www.cyanconnode.com
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END
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