No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - CyanConnode announced a board restructuring with immediate effect on friday, appointing Bjrn Lindblom as non-executive chairman and transitioning John Cronin from executive chairman to group chief executive officer.
The AIM-traded company said the move formalised the separation of chairman and CEO roles, aligning with corporate governance best practices.
"The business is entering a transformational phase and anticipates substantial growth in the coming years," said Bjrn Lindblom.
"Now is the right time to strengthen governance and enhance board independence."
Lindblom, who joined the board in January last year, was bringing extensive experience in the communications and internet-of-things (IoT) sectors, having previously led Connode AB prior to its acquisition by Cyan in 2016.
He would continue to chair the remuneration committee and serve on both the audit and nominations committees.
CyanConnode said the changes would support its strategic focus as a global provider of smart metering and IoT communication solutions.
"We are delighted that Bjrn is taking up his new role as independent non-executive chairman," commented group chief executive officer John Cronin.
"His deep industry experience and long-standing knowledge of the company will be invaluable as we move forward.
"This decision also enables me to focus fully on driving the operational development of the business."
At 1134 BST, shares in CyanConnode Holdings were down 0.86% at 7.93p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.