REG - Insig AI Plc - Board changes

Insig AiAnnouncement

30/05/2024 07:00

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RNS Number : 3612Q  Insig AI Plc  30 May 2024

30 May 2024

 

Insig AI

("Insig AI" or the "Company")

 

Board changes

 

Insig AI plc (AIM:INSG), the data science and machine learning solutions
company announces the following changes to its board of directors (the
"Board").

 

With immediate effect Colm McVeigh will be stepping down from the Board and
his role as CEO to pursue other opportunities. Richard Bernstein has been
appointed as Chief Executive Officer with immediate effect to devote more time
to engaging with asset managers, prospective customers and commercialising
Insig's product offering.

 

The Company also announces that Warren Pearson, Chief Technical Officer is
stepping down from the Board, but staying within the business as a full-time
employee. This change will allow Warren to focus time on product development
and deployment of Insig's machine learning solutions.

 

Finally, Insig AI is pleased to announce the appointment of John Wilson as
Independent Non-Executive Chairman with immediate effect.

 

John is a globally experienced Chairman and Chief Executive, with a strong
background in the technology sector.  He is currently the CEO of Bulgin
Limited, a world leading manufacturer of sealed connectors and components and
Independent Non-Executive Director of AIM quoted Volex plc. Previously, John
previously held the roles of Senior Independent Director, Chair of the Audit
Committee and Chair of the Remuneration Committee of Checkit plc (previously
Elektron Technology plc), prior to which he was CEO of Elektron Technology Plc
for almost a decade.  John holds a degree in Engineering from the University
of Durham.

 

Following the above changes the composition of the Board is as follows:

 

-     Independent Non-Executive Chairman, John Wilson

-     Independent Non-Executive Director, Richard Cooper

-     Chief Executive Officer, Richard Bernstein

-     Chief Product Officer, Steve Cracknell

 

Richard Bernstein, CEO commented: "I'm pleased to be appointed Chief Executive
at a time when the priority for the business is to convert its strong machine
learning repository and data science capabilities into client wins and
revenues. Although sales cycles to large corporates for emerging technologies
can take up to 18 months, with impending regulatory changes, our addressable
market has enormous potential. Over time, my job will be to ensure that we
fully capitalise on these substantial opportunities."

 

John Wilson commented: "I am delighted to be joining Insig AI at this exciting
time.  Having previously been involved in the business, as Strategic Adviser,
I have had the opportunity to appreciate the significant potential for this
business.  I look forward to supporting Richard and the team in realising the
true potential of Insig AI. "

 

The following additional information is provided in accordance with paragraph
(g) of Schedule Two of the AIM Rules for Companies.

 

John Frederick Wilson (aged 48) holds or has held the following directorships
or partnerships in the past five years:

 

 Current Directorships or Partnerships  Previous Directorships or Partnerships

 Volex Plc                              Hartest Precision Instruments India Private Limited
 JFW Agritech Ltd                       Hartest Precision Instruments Limited
 Regatta Midco Limited                  Elektron Vision Inc.
 Regatta Bidco Limied                   Checkit UK Limited
 Regatta Topco Limited                  Elektron Eye Technology Limited
 Regatta Holdco Limited                 Elektron IP Limited
 Bulgin Limited                         Checkit Europe Limited
 Bulgin Inc.                            Elecktron Precision Instruments Limited
                                        Munro Instruments Limited
                                        Abbey Place (Fordham) Management Company Limited
                                        Checkit Plc
                                        Bulgin Connectors Limited
                                        Elektron Enterprises 1 Limited

 

Mr Wilson and persons closely associated currently hold 800,000 ordinary
shares in the Company.

 

There is no further information to be disclosed pursuant to Schedule Two Part
(g) of the AIM Rules for Companies.

 

 

 For further information, please visit www.insg.ai
 (file:///C:/Users/daniela.mihai/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/www.insg.ai)
  or contact:

Insig AI plc                            richard.bernstein@insg.ai

                   (file:///C:/Users/daniela.mihai/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/richard.bernstein@insg.ai)
 Richard Bernstein, CEO

 Zeus (Nominated Adviser & Broker)       +44 (0) 203 829 5000

 David Foreman / James Hornigold

 

 

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