REG - Cambridge Cognition - Directorate change

Cambridge Cognition HoldingsAnnouncement

12/09/2024 12:45

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RNS Number : 9944D  Cambridge Cognition Holdings PLC  12 September 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
(EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE
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Cambridge Cognition Holdings plc

("Cambridge Cognition" or the "Company")

 

Directorate change - Chief Executive Officer and senior management changes

 

Cambridge Cognition Holdings Plc (AIM: COG), which develops and markets
digital solutions to assess brain health, announces today that Dr Matthew
Stork has stepped down as Chief Executive Officer (CEO) with immediate effect
to pursue other opportunities and will resign as a member of the Board of the
Company.

 

Rob Baker, Chief Operating Officer, and Alex Livingstone-Learmonth, Chief
Commercial Officer, have been appointed as Acting Joint Managing Directors
while the Board undertakes a search for a new CEO.  To enable a smooth
transition, they will be supported by Ronald Openshaw, who has been the
Company's senior strategic financial consultant since July 2024, together with
the Board.  While the recruitment of a new Chief Financial Officer
progresses, Ronald Openshaw has been leading the Company's Finance function.
Biographies of each are set out in the Appendix below.  Rob Baker and Alex
Livingstone-Learmonth will report to the Chairman but will not be appointed to
the Board. The Board has commenced a process of identifying a replacement CEO
and a further announcement will be made in due course.

 

During his tenure Matthew guided the Company through a period of significant
growth and led the acquisitions in 2022 and 2023 of eClinical Health and
Winterlight Labs, which have resulted in the expansion of the eCOA platform
and launch of the AQUA solution.  The Board would like to thank Matthew for
his significant contribution and wishes him every success in the future.

 

The Company's primary focus for the remainder of the year and into 2025 is to
continue grow the sales pipeline and convert it into firm orders to deliver
its growth objectives.  The current sales pipeline and commercial activities
combined have the capability to meet this objective. The Board will closely
review, monitor and support the executive team to deliver against this
near-term objective.

 

Dr Steven Powell, Chairman, said: "Changes made under Matthew's leadership
during 2023 and 2024 have reshaped the Company's cost base leaving Cambridge
Cognition better positioned to deliver profitability and cashflow as sales
orders and revenue accelerate.  In June, the Company secured additional
working capital to strengthen the balance sheet to underpin growth and the
Board will put in place leadership to provide the business with the best
opportunity to reach its growth objectives."

 

 

Enquiries:

 

 Cambridge Cognition Holdings plc                    c/o Hudson Sandler
 Dr Steven Powell, Chairman

 Hudson Sandler (Financial PR and IR)                Tel: 020 7796 4133
 Dan de Belder / Hattie Dreyfus                      cog@hudsonsandler.com (mailto:cog@hudsonsandler.com)

 Panmure Liberum Limited (NOMAD and Joint Broker)    Tel: 020 7886 2500
 Will Goode / Freddy Crossley / Mark Rogers          (Corporate Finance)
 Rupert Dearden                                      (Corporate Broking)

 Dowgate Capital Limited (Joint Broker)              Tel: 020 3903 7715
 David Poutney / Nicholas Chambers

 

 

Appendix: leadership biographies

 

Rob Baker, Chief Operating Officer, was previously the Chief of Product and
Operations. He joined the Company as Head of Product in November 2022. Prior
to this, Rob Baker held several senior roles at Amazon, including leading
large operational teams to scale Alexa voice technology improvements and
leading privacy and security operations. In addition to his operational
expertise, Rob Baker has significant sales and marketing experience, having
been responsible for regional Amazon Echo device sales, device expansion, and
large-scale e-commerce programs. Rob Baker began his career at Siemens where
he led contract delivery within the Mobility Division before transitioning
into regional management roles within the Smart Infrastructure Division.

 

Alex Livingstone-Learmonth, Chief Commercial Officer, joined the Company in
February 2024 having previously worked in the clinical trial technology,
services and solutions industry for over 20 years. He previously held the role
of Vice President, Global Lead, Strategic Accounts at Calyx and Vice
President, Global Strategic Accounts, Business Development at Signant Health
(formerly CRF Health).  Prior to this Alex Livingstone-Learmonth gained 20
years of eClinical experience, leading and building high-achieving global
commercial teams.

 

Ronald Openshaw is CEO of Lucia Capital which advises companies in the life
science and healthcare sector on strategy, operational delivery and business
acquisitions and disposals.  He has served as Chief Executive Officer and/or
Chief Financial Officer of several companies including Simbec-Orion, a
clinical research organisation, Plethora Solutions, a urology and sexual
health specialty pharmaceutical company, and Pharmagene/Asterand - a pioneer
in the use of human tissue in drug discovery and development.  In each of
these companies Ronald has delivered multi-fold shareholder returns during his
tenure. Prior to these roles he was a senior healthcare investment banker with
both Jefferies and Panmure Gordon. He is a Chartered Accountant having
qualified at KPMG.

 

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