Published: 10 November 2016
Idox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, today announces that its Chief Executive, Richard Kellett-Clarke, stepped down as Chief Executive with effect from 9 November 2016. Andrew Riley, previously the Group's Chief Operating Officer, has today been appointed Chief Executive to succeed Richard, with effect from 10 November 2016. The Company has also announced separately today a trading update.
The appointment follows a thorough recruitment process, run by the Nominations Committee working with external recruitment consultants, as part of the Board's long-term succession planning. The Committee were particularly impressed with Andrew's strategic vision for the Company and are delighted that an internal candidate prevailed against such a strong external candidate field.
Andrew Riley joined the Group in 2000. He was Managing Director of Idox's Public Sector Software Division from 2011 and led its successful transformation into one integrated business unit. He was appointed to the Board as Chief Operating Officer (COO) in July 2015.
Richard will remain at Idox as a Non-Executive Director, until the end of the current financial year ending 31 October 2017 to ensure an orderly handover and to assist with the integration of recent acquisitions and the ongoing development of the Group's strategy.
Laurence Vaughan, Chairman, said:
"Richard has played a key role in the transformation of Idox over the last ten years, first as Finance Director, then as Chief Operating Officer and most recently as Chief Executive. From joining the Group in 2006 he has been instrumental in establishing and delivering the Group's organic and acquisition growth strategy, resulting in a near fifteen-fold increase in the share price and market capitalisation over that time. We thank him for his significant contribution to the Group.
Andrew Riley has also been a key member of the senior management team during this time and takes over a business in the best shape it has ever been. He is the ideal person to continue the Group's development and help us achieve our target of £100 million revenues in the short to medium term."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").
Idox plc +44 (0) 870 333 7101
Laurence Vaughan, Chairman
Andrew Riley, Chief Executive
Jane Mackie, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
MHP (Financial PR) +44 (0) 20 3128 8100
Reg Hoare/Andrew Leach/Charlie Barker
For more information see www.idoxplc.com
Updated: 22 March 2018