Restructuring
28 Fevereiro 2007 - 4:02AM
UK Regulatory
RNS Number:9895R
Celoxica Holdings PLC
28 February 2007
28 February 2007
CELOXICA HOLDINGS PLC
("CELOXICA" OR "THE COMPANY")
Board changes and result of restructuring
Celoxica Holdings plc (AIM: CXA) - a leading provider of accelerated computing
software and solutions, today announces the results of its recent review of
strategic options as previously announced on 31 October 2006 and certain board
changes.
The Company announces that the restructuring of the business has now been
completed. The annual cost base has been reduced by 33 per cent. from #6m to
#4m. The Company's resources will now be primarily focused on the Accelerated
Computing market.
The Company also announces that Mr Ian Yeoman has been appointed as Interim
Chief Executive Officer and that Bernard Morgan is standing down as Chief
Financial Officer with immediate effect.
Mr Yeoman has been a Non-Executive Director of Celoxica since November 2005 and
has nearly 30 years of international business, finance and technology experience
in a range of companies spanning the aerospace, defence, chemicals and
electronics industries. Mr Yeoman was a founding member of the management
buy-out team who took over Ultra Electronics ("Ultra") from TI Group. In his
time as Finance Director of Ultra, the business grew from its UK base to having
multi-national operations, a trebling of turnover and a successful flotation on
the London Stock Exchange. Mr Yeoman has also held senior executive roles with
Tioxide International, Plessey Defence Systems and Dowty Group plc.
Mr. Morgan will be replaced by Michelle Young, aged 33, the Company's Group
Financial Controller. Ms Young, who trained as an auditor with Grant Thornton,
has 7 years experience in senior management positions at Celoxica in addition to
previous experience with Morland plc. As well as joining the Board, Ms Young
will also be the Company Secretary. There are no further disclosures to be made
in accordance with Schedule 2(g) of the AIM Rules.
The Company is continuing its search for a permanent Chief Executive and will
update the market in due course.
Jack Fryer, Chairman commented, "I am very pleased with the results of our
restructuring. It has not only radically reduced costs but also ensured that we
have a more concentrated focus on exploiting our growing position in accelerated
computing. Leading the way will be Ian Yeoman who has stepped up from
non-executive Director to the position of Interim Chief Executive Officer. I
would like to thank Ian for his continued commitment to the Company.
I would also like to thank Bernard Morgan for his valuable contribution to the
Company over the years at Celoxica. Bernard has been an integral part of the
development and commercialisation of the Company and we wish him well with his
future endeavours. It is fitting that Bernard's replacement is Michelle Young
who also has been an important member of the team at Celoxica for many years."
ENQUIRIES
Celoxica Holdings plc (www.celoxica.com) Tel. +44 (0)1235 863 656
Jack Fryer, Chairman
Bernard Morgan, CFO
ICIS Tel. +44 (0) 20 7651 8688
Tom Moriarty
Paul Youens
Arbuthnot Tel. +44 (0) 20 7012 2000
Tom Griffiths
Alasdair Younie
This information is provided by RNS
The company news service from the London Stock Exchange
END
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