Big changes at quoted Liverpool tech business as CEO and chair step down
Adam Binks, CEO of AIM-listed technology business SysGroup, and the chairman, veteran investor Michael Edelson, are to step down.
Binks leaves after five years that saw the business treble in size under his leadership.
When he joined the business in 2014 as chief operating officer, he was the youngest CEO on AIM.
He led a £10 million fundraise in 2019, ahead of closing multiple strategic acquisitions including Certus IT, Hub Network Services, Orchard Computers and Truststream – giving the business a presence in regions across the country.
He will cash out his options and shares in the business and leave the role after the full year results announcement on 26 June 2023.
Heejae Chae will join the board as Executive Chairman following announcement of the Company’s FY23 Results. Heejae’s appointment is subject to regulatory approval and a further announcement will be made in due course.
Chae was previously Group Chief Executive Officer of Scapa Group plc and Volex Group plc.
Current Chair Michael Edelson will also step down to become a Non-Executive Director but will subsequently retire following the AGM in September 2023.
Binks said: “I’ve thoroughly enjoyed my tenure at SysGroup, the last five years of which as CEO. Together with the team, we have built a solid business which can be used to bolt-on further acquisitions and continue to grow organically and I am looking forward to seeing SysGroup go through its next stage of growth under Heejae’s leadership.
“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, Non-Executive Chairman, once dubbed the Shellmeister for his entrepreneurial creation of shell companies to mount audacious stock market moves, commented: “On behalf of the Board I would like to thank Adam for his unswerving commitment during his tenure at SysGroup. He has demonstrated excellent leadership through extremely challenging times, especially through recent events and his experience and knowledge of both the technology sector and capital markets has proved invaluable. I know I speak for all stakeholders by wishing him well for the future. The board is grateful for Adam’s work these past nine years.
“For me, whilst I am sad to be stepping down from the Board of SysGroup, I am confident that now is the right time to step aside having been chair of the Company since its admission to trading on AIM in 2013 and wish Heejae the best of luck with the position of Executive Chairman.”