K3 Business Technology Group PLC Board Change (2588R)
March 05 2021 - 2:00AM
UK Regulatory
TIDMKBT
RNS Number : 2588R
K3 Business Technology Group PLC
05 March 2021
AIM: KBT
K3 BUSINESS TECHNOLOGY GROUP PLC
("K3" or "the Company" or "the Group")
Board Change
K3, which provides mission--critical business software and cloud
solutions, announces that having managed the recent successful
disposal of Starcom Technologies Limited, which has substantially
strengthened the Company's financial position, and with the Company
moving into a new phase of development, Adalsteinn Valdimarsson is
stepping down as Chief Executive Officer and leaving K3.
Chairman Tom Crawford assumes the role of interim Chief
Executive Officer until the recruitment of a successor completes, a
process that is already under way. These Board changes take
immediate effect.
Adalsteinn joined the Company in 2016, initially as a
non-executive director, and was subsequently appointed as Chief
Executive Officer. He led a fundamental restructuring of the
Company, and refocused its strategic direction to develop own-IP
and the K3|Imagine software platform as the foundation for
corporate and customer growth. The Board would like to thank him
for his significant contribution and committed leadership, and
wishes him every success in his new ventures.
As previously announced, K3 will report final results on 30
March when it also expects to provide a further update on the
recruitment process.
Adalsteinn Valdimarsson, outgoing Chief Executive Officer,
said,
"K3 has significant growth potential and with the business on a
firm financial footing, I am confident that it will thrive under
new leadership. I would like to thank all my colleagues for their
commitment to the Group, and wish them every success for the future
as they take the business forward."
Tom Crawford, Chairman and interim Chief Executive Officer,
said,
"Adalsteinn has made a significant contribution to K3 over the
last five years, and shown tremendous dedication. He is respected
by the Board and staff alike, and we would all like to thank him
for his hard work and commitment.
"K3 is entering a new phase of development and we expect to be
in a position to announce the results of our recruitment process in
March with results."
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.
Enquiries:
K3 Business Technology Tom Crawford, Chairman T: 0161 876
Group plc and Interim CEO 4498
Rob Price, CFO
finnCap Limited (NOMAD Julian Blunt/ James Thompson T: 020 7220
& Broker) (Corporate Finance) 0500
Richard Chambers (Corporate
Broking)
KTZ Communications Katie Tzouliadis/ Dan Mahoney T: 020 3178
6378
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END
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