Adam Binks, the CEO of the AIM-listed technology company SysGroup, and Michael Edelson, a seasoned investor, will resign.
Under Binks’s stewardship for five years, the business grew by a factor of three.
In 2014, when he joined the company as chief operating officer, he was the youngest CEO listed on AIM.
In 2019, he led a £10 million capital raising, followed by the completion of multiple strategic acquisitions, including Certus IT, Hub Network Services, Orchard Computers, and Truststream, giving the company a national footprint.
After the announcement of the full-year results on 26 June 2023, he will pay in his options and shares and resign from his position.
Heejae Chae will join the board as Executive Chairman after the FY23 Results are announced. The appointment of Heejae is contingent upon regulatory approval, and a subsequent announcement will be made in due course.
Previously, Chae served as the chief executive officer of Scapa Group plc and Volex Group plc.
Michael Edelson, the current chairman, will also step down to become a non-executive director, but will retire following the AGM in September 2023.
Binks stated, “I’ve thoroughly relished my time at SysGroup, particularly the past five years as CEO. Together with the team, we have built a solid business that can be used to make additional acquisitions and continue to develop organically, and I look forward to seeing Heejae guide SysGroup through its next phase of growth.
“Finally, I would like to personally thank all of my board colleagues, the shareholders, and the wider SysGroup team for their continued support over the years.”
Edelson, formerly known as the Shellmeister for his entrepreneurial creation of shell companies to mount audacious stock market movements, stated, “On behalf of the Board, I would like to salute Adam for his unwavering dedication during his tenure at SysGroup. His experience and knowledge of both the technology sector and capital markets have proven to be invaluable, particularly in light of recent events, during which he has demonstrated outstanding leadership. I believe I speak for all parties involved when I wish him well in the future. The board appreciates Adam’s efforts over the past nine years.
“Although I am sad to be leaving the Board of SysGroup, I am confident that now is the right time for me to step aside, having been chair of the Company since its admission to trading on AIM in 2013. I wish Heejae the best of luck in his new role as Executive Chairman.”