Business
Confirmation of CEO Strategic Review & NAV Update
Confirmation of CEO Strategic Review & NAV Update.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 1695P GLI Finance Limited 16 February 2016 \n\n16th February 2016\nGLI Finance Limited\n(\"GLI\" or the \"Company\")\nConfirmation of permanent CEO, Strategic Review and NAV Update \nThe Executive team\nThe Board of Directors is pleased to announce that Andy Whelan, GLI's Interim CEO, has been appointed as the Company's permanent Chief Executive.\nThe Board has considered the time commitment required for Andy to fulfil this role whilst continuing to drive forward Sancus, which has been a successful trading business for the Company. Sancus continues to trade ahead of plan and the Board does not wish to risk limiting its growth potential. The Board is convinced that the structural changes being put in place within the Company, together with an expanded management team within Sancus, mean that it will be possible for Andy to combine the roles without risking a loss of momentum within Sancus.\nThe Company's executive team now comprises Andy Whelan as Chief Executive Officer, Emma Stubbs as Chief Financial Officer, Marc Krombach as Managing Director, and Louise Beaumont as Head of Public Affairs & Marketing.\nThe board would like to thank the executive team for their commendable effort and commitment to the Company during this period of change.\nStrategic review\nAt the end of last year, we announced that we were starting a strategic review. The objective of the review is to determine the best utilisation of the Company's human and capital resources to build shareholder value most effectively. The strategic review is substantive and thorough. We will continue to announce progress as it is made over the next 12 months.\nShort-term goals\nWe have identified a need to achieve the following goals in the short term:\na. Clarify and restate the Company's strategic objective;\nb. Remove the risks of conflicts of interest;\nc. Initiate measures to strengthen the balance sheet;\nd. Ensure that positive cash flows are accessible by GLI\ne. Initiate measures to reduce the cost base;\nf. Remove unnecessary complexity;\ng. Rationalise and invest in the Company's core businesses;\nh. Improve communication to aid stakeholders' understanding of ...