Appointment of Chief Executive Officer
29/08/2024 07:00
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RNS Number : 0524C Nexteq PLC 29 August 2024
29 August 2024
Nexteq plc
("Nexteq" or the "Group")
Appointment of Chief Executive Officer
Nexteq (AIM: NXQ), a leading technology solutions provider to customers in
selected industrial markets, today announces that, following an extensive
selection process, Duncan Faithfull, currently Gaming Business Leader and
Chief Commercial Officer at Nexteq, has been appointed to the Board as Group
Chief Executive Officer with immediate effect.
Duncan joined the Group in 2020 to lead the Quixant division where he has been
responsible for implementing product and commercial strategies and enhancing
the customer journey across marketing; new business; account management;
operations and customer service. During this time Duncan steered the
business through the Covid period, delivering innovative new products,
expanding the business into new customer segments and driving a relentless
focus on excellent customer service.
Prior to Nexteq, Duncan has 30 years' experience in commercial leadership
roles, with over 10 years at Executive Committee level, and has worked across
various industries, including finance, logistics and pharmaceuticals. Duncan
joins the Board with significant experience and expertise in delivering
complex outsourced solutions, along with a demonstrable record of strategy and
product innovation to drive growth. Having been with the business for four
years, Duncan also has established industry and customer relationships and a
strong familiarity with the Group's product development, culture, and
corporate strategy.
As a result of this appointment and in line with previously announced plans,
Jon Jayal has stepped down as Group Chief Executive Officer and a Board member
with immediate effect. Jon will remain as an employee in a consulting role
until year end 2024 to support an orderly handover.
Duncan Faithfull, incoming CEO of Nexteq, commented:
"I am incredibly excited and proud to be joining the Nexteq Board as Group
Chief Executive Officer. Having spent several years working with our Global
team to deliver outstanding and innovative outsourced technology solutions, I
believe in the significant opportunities across our Quixant and Densitron
divisions, all of which are underpinned by the engineering expertise within
the business. I am looking forward to working closely with the leadership team
in driving forward our product roadmap and delivering on our vision. I would
also like to thank Jon Jayal for everything that he has done for Nexteq over
the last 12 years, and his outstanding contribution to the Group."
Nick Jarmany, founding Director and Interim Chair of Nexteq, commented:
"Duncan's proven ability in delivering product innovation and commercial
strategy execution within the organisation make him the ideal candidate for
Nexteq in its leadership transition, and I am delighted to formally welcome
him to the Board. I am confident that Duncan's strong commercial
relationships, strategic insight into the Group's markets and products,
together with the support he commands from our teams will be invaluable in
leading the delivery of long-term, sustainable growth for the Group. Duncan
takes over from Jon Jayal, who deserves our gratitude for 12 years of
exceptional service to the Group, and we wish him well in the next steps in
his career."
Jon Jayal, outgoing CEO of Nexteq, commented:
"I have thoroughly enjoyed working in the business over the last 12 years and
tackling the opportunities and challenges it has presented. I feel
privileged to have been part of a first-class team which spans a multitude of
countries and cultures. Duncan has been a senior executive in my team for
several years and knows the business well. I wish him every success as the
new Chief Executive Officer and will give him all the support I can to make
for a smooth transition."
Enquiries
Nexteq PLC
Nick Jarmany, Interim Chair Telephone: +44 (0)1223 892 696
Duncan Faithfull, Chief Executive Officer
Johan Olivier, Chief Financial Officer
Nominated Adviser and Broker:
Cavendish Capital Markets Ltd Telephone: +44 (0) 20 7220 0500
Matt Goode / Edward Whiley (Corporate Finance)
Tim Redfern / Harriet Ward (ECM)
Joint Broker:
Canaccord Genuity Limited Telephone: +44 (0)20 7523 8000
Simon Bridges / Andrew Potts
Financial PR:
Alma Strategic Communications Telephone: +44 (0)20 3405 0205
Hilary Buchanan/ Kieran Breheny
About Nexteq
Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in
selected industrial markets. Its innovative technology enables the
manufacturers of global electronic equipment to outsource the design,
development and supply of non-core aspects of their product offering. By
outsourcing elements of their technology stack to Nexteq, customers can focus
their product development effort on the most critical drivers of their
business' success.
Our solutions are delivered through a global sales team and leverage the
Group's electronic hardware, software, display and mechanical engineering
expertise. Our Taiwan operation is at the heart of Asian supply networks and
facilitates cost effective manufacturing and strategic supply chain
management.
The Group operates in six countries and services over 500 customers across 47
countries.
Nexteq operates two distinct brands: Quixant, a specialised computer platforms
provider, and Densitron, leaders in human machine interface technology, each
with dedicated sales, account management and product innovation teams. Founded
in 2005, and later floating on the London Stock Exchange's AIM stock market as
Quixant plc, the Group rebranded to Nexteq in 2023.
Further information on Nexteq and its divisions can be found at
www.nexteqplc.com (http://www.nexteqplc.com) .
AIM Rules, Schedule 2(g) disclosures:
The following disclosures are made in accordance with Schedule 2(g) of the AIM
Rules:
Current Directorships/Partnerships Former Directorships/Partnerships (past five years)
Duncan Thomas Edward Faithfull · Faithfull Consulting Limited N/A
(aged 53)
Duncan Faithfull currently holds Options over 454,904 Ordinary Shares and does
not have any other beneficial interest in the Ordinary Shares of the Company.
There is no further information disclosable in respect of Duncan Faithfull
pursuant to Schedule 2(g) of the AIM Rules for companies.
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