REG - itim Group PLC - Board Changes

ITIMAnnouncement

09/09/2024 07:00

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RNS Number : 3280D  itim Group PLC  09 September 2024

9 September 2024

 

itim Group plc

 

("itim" or "the Company" and together with its subsidiaries "the Group")

 

Board Changes

 

itim Group plc, a SaaS based technology company that
enables store-based retailers to optimise their businesses to improve
financial performance, announces the appointment of Colin Price as
Non-Executive Chairman of the Board, with immediate effect. Mr. Price succeeds
Michael Jackson, who is stepping down from his role as Non-Executive Chairman
with immediate effect but will remain on the Board as a Non-Executive
Director.

 

Colin Price brings a wealth of experience in consulting, operations, and
academia to his new role. His extensive background includes:

 

 ·         15 years as a partner at McKinsey & Company, including seven years as the
           worldwide leader of McKinsey's Organisation Practice
 ·         CEO of Heidrick Consulting
 ·         Chairman of Co-Company, a boutique consulting firm focused on organisation
           development
 ·         COO of Quintet Private Bank
 ·         Co-founder of Talos Capital, an investment vehicle focused on AI in financial
           services

 

Mr. Price also holds academic positions as a Visiting Fellow at Said Business
School, University of Oxford, and as a Visiting Professor at the Institute for
Global Health Innovation, Imperial College. He is the author of several
influential books on business performance and organisational development.

 

The Board would like to express its gratitude to Michael Jackson for his
leadership as Non-Executive Chairman and looks forward to his continued
contributions as a Non-Executive Director.

 

Ali Athar, CEO, said: "We are delighted to welcome Colin Price as our new
Non-Executive Chairman. His exceptional track record in organisational
transformation, coupled with his deep understanding of strategy and
leadership, makes him an ideal fit for guiding itim through our next phase of
growth. We look forward to benefiting from his insights and experience as we
continue to strengthen our market position and drive innovation. We extend our
sincere gratitude to Michael Jackson for his invaluable leadership as
Chairman. We're pleased that he will continue to contribute his expertise as a
Non-Executive Director, ensuring a smooth transition and ongoing access to his
wealth of knowledge."

 

Additional information

The following information is being disclosed pursuant to Rule 17 and paragraph
(g) of Schedule 2 of the AIM Rules for Companies.

Colin Neil Price, aged 66, does not own any shares in the Company but as part
of his employment contract he has been issued options over 250,000 ordinary
shares in the Company at an exercise price of 34p. These vest immediately and
are exercisable at any time over the next 10 years.

 

A list of Colin's current directorships and partnerships together with those
held within the last five years is set out below:

 Current appointments                         Appointments within previous 5 years:
 Accelerating Performance Consulting Limited  Abacai Technologies Limited
 Talos Capital (UK) Limited                   Key Topco Limited
 Timeless Releasing LLP (LLP Member)          Hyperperformance Limited
                                              Complete Cover Group Limited
                                              Meribel Ski Flat SARL

 

In addition, Colin is an LLP Member of D III LLP (previously, the Film
Development Partnership III LLP) ("DLLP"). DLLP is currently in liquidation.
Winding up commenced on 15 December 2021. DLLP was created as an investment
vehicle for a film partnership in 2004 for which Colin is an investor
alongside c.100 other LLP Members. The investment scheme was not successful
and accordingly given the length of time that has now elapsed, the members of
DLLP, including Colin, have petitioned the court for the winding up of the
DLLP as part of the administrative process of closing it down. HMRC have
submitted a preferential creditor claim against DLLP for c£64m but following
recent correspondence with the joint liquidators of DLLP it is now anticipated
that this claim will be withdrawn.

 

Save as set out above there are no further disclosures required pursuant to
Rule 17 or Schedule Two, paragraph (g) of the AIM Rules for Companies.

 

Enquiries:

 

 Itim Group plc                             Ali Athar, CEO      0207 598 7700

                                            Ian Hayes CFO

 Zeus Capital Limited (NOMAD & Broker)      Katy Mitchell       0203 829 5000

                                            Harry Ansell

                                            Darshan Patel

 IFC Advisory                               Graham Herring      0207 3934 6630

                                            Florence Chandler

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

ABOUT ITIM

itim was established in 1993 by its founder, and current Chief Executive
Officer, Ali Athar. itim was initially formed as a consulting business,
helping retailers effect operational improvement. From 1999 the Company began
to expand into the provision of proprietary software solutions and by 2004 the
Company was focused exclusively on digital technology. itim has grown both
organically and through a series of acquisitions of small, legacy retail
software systems and associated applications which itim has redeveloped to
create a fully integrated end to end Omni-channel platform.

 

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