Further board changes for IT firm in plans to return to growth

The interim CEO of cyber-security group ECSC, the Bradford-based company which reported significant losses in a difficult first year as a public company, has stood down from the board as the firm announced a series of management changes this morning.

Earlier this month Ian Mann stood down from his role as chief executive, replaced by finance director Stephen Hammell.

However, the company announced this morning that Hammell, along with non-executive director Steve Vaughan, have resigned from the board of directors.

Lucy Sharp, previously the COO and an executive board director, has been appointed to serve as interim CEO, and David Mathewson, non-executive chairman, will oversee the finance function while a review of the business is completed.

Mann has rejoined the board as an executive director, and Elizabeth Gooch has been appointed as non-executive director.

Gooch was CEO of EG Solutions, taking the business from its founding in 1988 through to its ultimate sale to Verint Systems Inc. in 2017.

ECSC said the changes have been made as it pushes ahead with a “clear objective of returning the business to a significant growth trajectory”.

The company said: “The board continues to believe that ECSC can be a successful growth company in the cyber security sector and will be working to ensure the company achieves its market potential.

Mathewson said: “I am delighted to have someone of the stature and relevant experience of Elizabeth joining us. I would also like to take this opportunity to thank Steve Vaughan and Steve Hammell for their significant contribution to the company.”

In March, it was revealed that the business has struggled to drive growth as quickly as it wanted to following its float, and had told investors it would, which put it under pressure.

ECSC joined the Alternative Investment Market in December 2016 and its share price rose strongly, more than trebling from its float price of 167p within six months. However a series of pessimistic updates saw ECSC’s share price fall back, reaching a low of 90p, before climbing back to trade around its float price.

Although it achieved growth of 9.5% in 2017, to £4.1m, its losses soared to £3.4m.


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