- Matthew Proud to step down as
CEO after transition period
- Comprehensive CEO selection process will be initiated to
identify a successor
- Board and management team will continue to execute on Dye
& Durham's Value Creation Plan
TORONTO, Nov. 26,
2024 /CNW/ - Dye & Durham Limited ("Dye &
Durham" or the "Company") (TSX: DND) board of
directors (the "Board") today announced that Matthew Proud has decided to step down from his
role as Chief Executive Officer of the Company. Mr. Proud will
remain in his role for approximately three months or until the
Board-led search for his successor is completed. The Board is
grateful to Mr. Proud for his contributions and his ongoing support
as Dye & Durham transitions to new leadership and a new era of
growth for the Company. Under Mr. Proud's leadership, Dye &
Durham has grown from a small regional single product company with
an enterprise value of approximately $4
million, to a global legal technology leader worth over
$2.56 billion in enterprise
value.
"On behalf of the Company and the entire Dye & Durham Board,
I would like to thank Matt for his invaluable contributions to the
Company," said Colleen Moorehead,
Chair of the Board. "Since becoming CEO of our predecessor company
in 2014, Matt's leadership has been instrumental in Dye &
Durham's exceptional growth and position in the legal technology
market, navigating the Company through its successful IPO and the
completion of multiple, value-accretive acquisitions and
partnerships to date. We look forward to working collaboratively
with Matt and the senior leadership team during this interim
period, ensuring a smooth transition, and continuing to execute on
our Value Creation Plan."
"I am incredibly proud of the Company we have built together,
and I would like to thank the outstanding Dye & Durham team,
the Board, and our partners for their support. The senior
leadership team is focused and energized and will provide
continuity through and following the succession transition," said
Mr. Proud. "Over the past several years, we have grown Dye &
Durham into a remarkable, global SaaS legal tech business that has
revolutionized the legal software industry. We have strategically
and deliberately expanded our solutions suite, geographical
presence and customer base since founding, and now through our
Unity global platform we offer law firms everything they need to
run their practice in a central location. With Dye & Durham
well-positioned for a new era of growth, I believe that this is the
best time to evolve our leadership to a new CEO who will inspire
our next stage of growth and keep our momentum going. I plan to
remain a stakeholder and advocate for Dye & Durham."
Dye & Durham provides premier practice management solutions
and vital data insights software that supports critical risk
management decisions empowering legal professionals every day. The
Company remains committed to executing on its recently published
'Value Creation Plan' to continue driving sustainable
long-term value for all stakeholders. Details on the Value Creation
Plan can be found in the Investors section of the
Company's website and on SEDAR+ under the Company's
profile at www.sedarplus.ca.
ABOUT DYE & DURHAM LIMITED
Dye & Durham Limited provides premier practice management
solutions empowering legal professionals every day, delivers vital
data insights to support critical corporate transactions and
enables the essential payments infrastructure trusted by government
and financial institutions. The company has operations in
Canada, the United Kingdom, Ireland, and Australia.
Additional information can be found
at www.dyedurham.com.
Forward-Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities laws, which reflects
Dye & Durham's current expectations regarding future events. In
some cases, but not necessarily in all cases, forward-looking
statements can be identified by the use of forward looking
terminology such as "plans", "targets", "expects" or "does not
expect", "is expected", "an opportunity exists", "is positioned",
"estimates", "intends", "assumes", "anticipates" or "does not
anticipate" or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", "will" or "will be taken", "occur" or "be
achieved". In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor
guarantees or assurances of future performance but instead
represent management's current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking information is based on a number of assumptions and
is subject to a number of risks and uncertainties, many of which
are beyond Dye & Durham's control, which could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed under "Risk Factors" in Dye & Durham's most
recent annual information form. Dye & Durham does not undertake
any obligation to update such forward-looking information, whether
as a result of new information, future events or otherwise, except
as expressly required by applicable law.
SOURCE Dye & Durham Limited