REG - Cordel Group PLC - Change of CEO

CordelAnnouncement

01/03/2023 07:00

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RNS Number : 3256R  Cordel Group PLC  01 March 2023

1 March 2023

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

CEO Change Announcement

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces the resignation from the Board of the
current CEO and the appointment of Mr John Davis as Interim CEO.

 

The current CEO, Mr Nick Smith, will take up a new position as VP Europe &
Middle East, effective today.

Ian Buddery, Chairman of the Board, said:

"Nick wishes to return to a pure growth-focused role, so the board has
formulated a transition plan that will ensure continuity of delivery to
customers and optimal performance for shareholder value.  Mr John Davis, who
has been a non-executive director of the company since 2018, will step in as
Interim CEO whilst a considered and thorough search is undertaken for the next
CEO. John brings extensive executive managerial experience and is already
deeply engaged in our business.  John will stand down from all board
committees. Our UK-based independent non-executive director, Mr Nick McInnes,
will become Chair of the Renumeration & Nominations Committee and a member
of the Audit Committee."

 

John Davis, Interim CEO, said:

"We have set accelerated growth targets for the next 3 years and believe that
a different skill set will be required from the CEO, who will be a person with
a proven track record of managing at scale.  Meanwhile, Nick's sales
experience will help to further our position as a technology leader in the UK
and European rail industry.  I join with Ian in thanking Nick for his past
and future contributions."

 

Nick Smith, VP Europe & Middle East, commented:

"I have been honoured to lead the company through its evolution to rail data
capture and analytics.  Artificial Intelligence is now recognised as one of
today's most important technology advances, helping railways to increase
productivity, efficiency and safety for passengers and staff.  We have made a
significant impact already and the next stage will focus on achieving higher
scale, with more customers in more regions."

 

Enquiries:

 

 Cordel Group PLC                           c/o Zeus Capital
 Ian Buddery, Chairman

 John Davis, Interim CEO
 Zeus Capital Limited Broker                +44 (0)20 3829 5000
 Simon Johnson / Alexandra Campbell-Harris

 Strand Hanson Limited Nominated Advisor

 Richard Johnson / James Bellman            +44 (0)20 7409 3494

 

About Cordel

Cordel produces specialist hardware and software for capturing, analysing and
reporting on large datasets within the transport sector, employing
sophisticated artificial intelligence algorithms.  Further information on the
Company is available at: www.cordel.ai

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