Business
Board and Management Restructuring
Board and Management Restructuring.
About this update from Tern Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.\n \n10 August 2023\n \nTern Plc\n \n(\"Tern\" or the \"Company\")\nBoard and Management Restructuring\nDirectorate Changes\nTern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things (\"IoT\") technology businesses, announces a number of changes to the board of the Company (the \"Board\") and the Company's management structure.\n \nMatthew Scherba and Bruce Leith have both stepped down from the Board with immediate effect. Matthew Scherba, having been on secondment to Tern's portfolio company InVMA Limited, intends to transition to the full time Chief Executive Officer position at Konektio during August 2023. Bruce Leith will remain with Tern as an employee and a member of its senior management team.\n \nSarah Payne will step down as the Company's Chief Financial Officer and Company Secretary on or before 30 September 2023 to take up a position with another company, but will remain on the Board as a Non-Executive Director. A further announcement will be made when this change occurs. The Company expects to shortly appoint a part-time Chief Financial Officer, which will be a non-Board position.\n \nFollowing these changes, the Board of the Company will comprise: Ian Ritchie (Non-executive Chairman), Alan Howarth (Senior Independent Non-Executive Director) and Sarah Payne (Non-executive Director).\n \nThe Board will be supported by a non-Board senior executive management team comprising: Al Sisto (as Chief Executive Officer), Bruce Leith and a part-time Chief Financial Officer. The senior management team will receive materially reduced remuneration from the levels they received when members of the Board.\n \nIn addition, the Company is implementing other cost saving measures, including moving to a lower cost office. However, the Company will continue to be required to incur legal and other professional fees associated with the portfolio companies and being an AIM quoted compan...