Business
LEADERSHIP CHANGE, UPDATE, SHARE BUYBACK INTENTION
LEADERSHIP CHANGE, UPDATE, SHARE BUYBACK INTENTION.
About this update from Team Internet Group Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.\n \n \n \n \n \n \n \n \n \n 12 December 2022\n \n \n \n \n \n \n \n \n \n CENTRALNIC GROUP PLC\n \n \n \n (\"CentralNic\" or \"the Company\" or \"the Group\")\n \n \n \n \n \n \n LEADERSHIP CHANGE, TRADING UPDATE, INTENTION TO LAUNCH SHARE BUYBACK\n \n \n \n \n \n \n CentralNic Group Plc (AIM: CNIC),\n the global internet software company that derives\n recurring revenue from marketplaces for Online Presence and Online Marketing services\n , is pleased to announce the appointment of Michael Riedl, currently Group CFO, as Group CEO with immediate effect. Michael succeeds Ben Crawford, who retires from the board today. \n \n \n Ben Crawford was appointed Group CEO in 2009 and having overseen the Company's successful IPO in 2013 has since taken the Company from a niche registry services provider to a substantial market leader in Online Presence and Online Marketing services. During his tenure as CEO, revenues have grown dramatically from $2m to $700m, also driving strong profits and cash generation. Ben leaves with the Board's sincere thanks and very best wishes for the future.\n \n \n Michael Riedl was appointed Group CFO in February 2019 following the Company's acquisition of KeyDrive SA, where Michael had been CFO since 2011. He has strong financial and operational experience across the Group together with a wide and in-depth knowledge of the Company's markets as a whole.\n \n \n William \"Billy\" Green, Group Financial Director, will succeed Michael as Group CFO initially in a non-Board capacity. The Board expects that Billy will be asked to join the Board in due course. Billy, a UK qualified chartered accountant and Oxford University graduate, has since 2019 decisively contributed to the acceleration of the reporting cycle, improved analytical insights such as segregation of organic from acquisitive growth and the successful refinancing of the Company's bond debt in October 2022.\n \n \n CentralNic makes these changes from a continued position o...