New CEO appointed at acquisitive software provider

Proactis Holdings, the global spend management and B2B eCommerce solution provider, has announced that its chief finance officer, Tim Sykes, has been appointed as chief executive with immediate effect.

Hamp Wall has stepped down as CEO and from the Board of the Wetherby-based firm and will continue his involvement with the company in an advisory capacity.

The Board has commenced the process to recruit a chief financial officer to replace Sykes, who will continue to manage the finance function of the Group in the interim period, alongside his new role.  

Proactis said: “The Board is considering a short-list of candidates and a further announcement will be made in due course, when a suitable candidate has been selected.”

The company has agreed to allow Wall to retain his interest in up to 246,212 Ordinary Shares which he was granted under the terms of the Proactis Group Long-Term Incentive Plan 2017 adopted on 7 July 2017. He has also been granted an option over 300,000 Ordinary Shares at an exercise price of £0.10 pence per share under the LTIP Scheme and this option will become exercisable on or after 1 July 2020. Wall currently owns 12,000 Ordinary Shares, representing 0.01% per cent of the current issued share capital. 

Sean McDonough will now assume a new title of chief information officer  with immediate effect as this title better reflects his present role.  His previous title was Chief Operating Officer.

 Alan Aubrey, Non-Executive Chairman, said:  “Tim has been with the Company since its float in 2006 and on a full-time basis as Chief Financial Officer since December 2015.  During this time, he has played a leading role in a number of key areas, including the shaping of the Group’s strategy, the Group’s M&A programme and the restructuring and shaping of the Group’s executive team. The Board has great confidence in Tim’s ability to drive the business forward in his new role as Chief Executive Officer.

“The Board wishes to thank Hamp for the contribution he has made to the business since he joined at the time of the Perfect Commerce acquisition in August 2017. Over the past year Hamp has overseen the Group’s initial phase of integration but the Board and Hamp now consider that it is an appropriate time to transition the leadership of the Group.”

 Sykes said:“This is a period of great opportunity for the Group as our team focuses on delivering sustainable organic growth on buy side applications and develops the Group’s supply side strategy. I am delighted to accept this opportunity to lead the Proactis team as Chief Executive Officer and I look forward to developing the business for its customers and driving value for its shareholders.”

 Wall said: “I am grateful to have had the privilege of leading the Group through a transformative period of its development and I look forward to my continuing interest in an advisory capacity. Having completed the initial phase of integration process over the course of the last year, I feel it is now both the right time for me and for the business to look to new leadership for the next stage of the Group’s development.”

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