Board Changes
July 22 2003 - 5:53AM
UK Regulatory
RNS Number:8065N
Diagonal PLC
22 July 2003
22 July 2003
Diagonal PLC ("Diagonal" or the "Company")
Board Changes
Diagonal has terminated discussions with a management team led by Graham
Creswick and Steve Fleming in respect of a proposed MBO of parts of the Group.
As a result, Graham Creswick and Steve Fleming have today resigned from the
Board of Diagonal with immediate effect.
It remains the Board's intention to secure the disposal of Secure Networks
Division at an appropriate price and time. This decision is consistent with the
Board's strategy of focusing the Company's operations around its core SAP
Consulting business, which will enable a significant and immediate reduction in
central management, property and associated costs.
In light of these board changes and the decision to focus on consulting, Colin
Burnside who recently joined the board as an executive Director from SAP UK has
been appointed Chief Executive with immediate effect. As Chief Executive, Colin
will be able to apply his extensive knowledge and experience of the SAP universe
to ensure that Diagonal remains at the leading edge of a market that is
currently going through a period of significant change and development.
The Group Financial Controller will assume the responsibilities of the Finance
Director in the short term.
Diagonal believes there are opportunities for growth at good margins in areas
complementary to its existing SAP Practice and it intends to pursue growth
through a combination of organic growth, alliances and acquisitions.
The Board is confident that Diagonal has both the management and financial
resources to implement this strategy.
Mark Samuels, the Chairman of the Company, commented:
"I would like to thank both Graham Creswick and Steve Fleming for their
contribution to the Diagonal Group and wish them both well for the future.
I look forward to working with Colin Burnside in the further development of the
Group and to deliver value to shareholders through the development of a
consultancy focused company".
Enquiries:
Mark Samuels
Chairman - Diagonal plc 01252 733 711
Shaun Dobson - Robert W Baird 0207 488 1212
Ian Seaton - Bankside Consultants 0207 444 4157
This information is provided by RNS
The company news service from the London Stock Exchange
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