Cyan Holdings Plc Directorate and Management Changes (1911P)
September 30 2013 - 2:03AM
UK Regulatory
TIDMCYAN
RNS Number : 1911P
Cyan Holdings Plc
30 September 2013
Cyan Holdings plc
("Cyan" or the "Company")
Directorate and Management Changes
Cyan Holdings Plc (AIM:CYAN.L), the integrated system and
software design company delivering mesh based flexible wireless
solutions for utility metering, lighting control and M2M
applications, announces the appointment of Simon Smith as Chief
Financial Officer and other management changes.
Over the past few months, John Cronin has met with Cyan's
significant customers and strategic partners in key countries.
Given the increased visibility of the commercial opportunity, John
has taken the decision to appoint a full time Chief Financial
Officer, to assist him in his role as Executive Chairman, in
addition to strengthening the operational management team.
With effect from 1 October 2013, Simon Smith will move from his
current position as Non-Executive Director to an Executive Director
role as Chief Financial Officer, which will also include him
focusing on investor relations, identifying suitable acquisition
targets and creating value for shareholders of the Company.
Having recently qualified as a Company Secretary through ICSA,
Heather Peacock will be appointed to the role of Company Secretary
from 1 October 2013, in addition to her existing role of Financial
Controller, with responsibility for the corporate governance of the
Company.
In addition to the executive roles mentioned above, Cyan has
recently taken the opportunity to strengthen its Board with the
appointment of Stephen Newton as Non-Executive Director and is
seeking to add an additional Non-Executive to the Board before the
end of the year.
Cyan has also strengthened its executive management team with
the appointment of Stephen Page as Chief Operating Officer
(non-Board) responsible for product development and operations.
Stephen has successfully managed the development of CyLec and CyLux
products in recent years. The Board is confident Stephen has the
ability to continue to deliver product development and add any
additional operational capability they expect the Company will
require to capitalise on its emerging commercial opportunities., He
has recently overseen the successful qualification process by his
team of the two Tier 1 contract equipment manufacturers, who are
now fully qualified and able to manufacture and deliver substantial
volumes of product for Cyan customers in India.
In addition, Dr Sean Cochrane has been appointed Product
Director (non-Board) and will be responsible for refining the
Company's product roadmap and ensuring customer requirements are
defined and captured. Dr Cochrane has lead Cyan's technical field
support team for the last 5 years and played a large part in
ensuring the success of the pilots carried out in Trichy in 2012 as
part of the TNEB tender.
When John Cronin visited many of our key customers, prospects
and partners in early September there was an overwhelming request
for more local Cyan staff to be in-country to support them.
Therefore, we have strengthened our team in India to provide more
continuity and be closer to our customers. Shiv Kaushik continues
in the role of Country Manager for India and has recruited an
additional Sales Manager to deliver on local opportunities in
Southern India. With Shiv based in Northern India and two
application engineers already in the field, the India team now
consists of four staff based close to customer locations. As part
of the management changes identified above, Bijan Mohandes is no
longer an employee of the Company.
Cyan has also recently announced the appointment of Carlos
Ferreira as Cyan Special Advisor - Latin America and expects to
make similar appointments going forward to Cyan's strategic and
commercial advantage.
Simon Smith, CFO, commented "I am delighted to be joining the
Executive team at Cyan after 3.5 years in a Non-Executive capacity
and I am excited by the future prospects of the Company."
John Cronin, Executive Chairman of Cyan, commented: "With the
staff changes mentioned above, I remain convinced the Company has a
substantial opportunity in smart metering, smart lighting and the
M2M (Internet of Things) markets. I visited many of our key
customers, prospects and partners in early September and there was
an overwhelming request for more local Cyan staff to support them.
Our model will be one where we have a small core team in the UK and
continue to build out in-country resource as the opportunities are
realised. We have a number of exciting initiatives in the pipeline
and I look forward to bringing these to completion and announcing
them to shareholders. "
Enquiries:
Cyan Holdings plc www.cyantechnology.com
John Cronin, Executive Chairman Tel: +44 (0) 1954 234 400
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Allenby Capital Limited (Nominated Tel: +44 (0)20 3328 5656
Advisor and Joint Broker)
Jeremy Porter / Mark Connelly
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XCAP Securities plc (Joint Broker) Tel: +44 (0)20 7101 7070
Jon Belliss / Adrian Kirk
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Walbrook PR Ltd Tel: +44 (0)20 7933 8780
Bob Huxford bob.huxford@walbrookpr.com
Paul Cornelius paul.cornelius@walbrookir.com
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About Cyan
Cyan is an integrated system design company delivering mesh
based flexible wireless solutions for utility metering, lighting
control & industrial telemetry. For more information, please
visit:
www.cyantechnology.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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