RedstoneConnect Plc (LON:REDS), a leading provider of technology and services for smart buildings and commercial spaces, announced today that Mark Braund, Chief Executive Officer of the Company, has notified of his intention to step down from the Company’s board of directors.
Frank Beechinor, currently Non-executive Chairman of RedstoneConnect, will assume the role of Chief Executive Officer with effect from Monday, 18 June. As a result of the proposed disposal of the Systems Integration and Managed Services Divisions, the Company will be able to focus on its software business. Frank has significant experience in growing SaaS-based software businesses and is well-placed to implement the Company’s strategy to capitalise on the increasing demand for workspace management software solutions. Mark will remain with the Company for several months to ensure a smooth transition following the completion of the disposal of the Systems Integration and Managed Services divisions.
In addition, Guy van Zwanenberg, currently Non-Executive director, will assume the role of Non-executive Chairman with effect from Monday, 18 June.
The Company will continue to evaluate the composition of the board and will consider the appointment of an additional non-executive director with the relevant expertise as RedstoneConnect’s strategy evolves.
Frank Beechinor, Non-executive Chairman of RedstoneConnect plc, commented: “On behalf of all our shareholders, the board would like to take this opportunity to thank Mark for his hard work and commitment to RedstoneConnect. Through his efforts, Mark has not only transformed the business, but also ensured its growth through the ongoing development of our software applications.
Mark has successfully managed the disposals announced in May 2018 which, when concluded, will leave us in a strong position financially and with a significant platform upon which to build our smart software solutions proposition. We remain keenly focused on generating greater levels of recurring, annuity-based revenues, in order to realise our vision of becoming an international leader in the fast-growing workspace management software market and delivering long term shareholder value.”
Mark Braund, CEO of RedstoneConnect, commented: “When I joined the Company in March 2015, it was in a very different place from where we are today. I am delighted with what we have achieved and have enjoyed working closely with the RedstoneConnect team to initially define our strategy, then both re-position and further develop the Company. This has culminated in the proposed disposal of the Systems Integration and Managed Services divisions for £21.6 million, in addition to other restructuring activities over the last few years.
As a result, RedstoneConnect is now in an excellent position to build-upon its growing solutions offering and to further capitalise on the opportunity that exists for workspace management software. I am confident that the Company will continue to both develop and prosper and look forward to seeing the business go from strength to strength.”
