eg solutions has this morning announced a major Board revamp – four directors have resigned (although Jon Kay will remain for a time until a replacement Finance Director is found). The company expects to appoint Nigel Payne as the new Non-Executive Chairman. We make no changes to estimates, and hope the group is able to move forward under a hopefully functional and forward-looking new Board team in due course.
The company has this morning announced a major change to the makeup of the Board. Duncan McIntyre, Jon Kay, Mark Brady and John Brougham have all resigned. The NEDs will step down immediately, while Jon Kay will stay for a time to assist until a new Finance Director is found
It is anticipated that Nigel Payne will join as Non-Executive Chairman, subject to the normal plc board diligence processes, and we assume that other Non-Executives will be appointed in due course.
Nigel Payne has a highly successful pedigree, including having been CEO of Sportingbet plc – he is currently Chairman of Stride Gaming plc and Gateley (Holdings) plc, both of which are well known to Progressive and where his input has been highly valuable.
We make no changes to our earnings estimates, and hope that the group is able to move forward rapidly under hopefully a functional and forward-looking new Board team.
We note the recent positive news from Aspect Software Inc, which has emerged from its US Chapter 11 proceedings, and whose nominee on the eg Board, Robert Krakauer, remains on the eg solutions plc Board.