Mporium Group plc (AIM: MPM) is pleased to announce the appointment of Tom Smith as Chief Executive Officer to succeed Nelius De Groot, who will step down as Chief Executive Officer but remain with the Company as a Non-Executive Director until the end of August 2019.
Tom's appointment to the Board will be effective immediately. Tom has worked with the Mporium Group, and previously Fast Web Media, since January 2008. In this time, he has been responsible for the strategy and operations of the Group. Tom became Head of MporiumX on its launch in November 2018 and has been Managing Director of the Group since June 2019. This aligns with the Company's increasing strategic focus on the market opportunity for its MporiumX division.
The Company is also pleased to announce the appointment of Charles Pendred as Independent Non-Executive Chairman of the Company, also with immediate effect. Charles has over 35 years' experience in equity capital markets having previously worked at Montagu Loebl Stanley, Garban Securities and notably, the Head of ICAP Securities. Charles has over 20 years' experience as a Non-Executive Director and is currently Non-Executive Director of the Orwell Group, a technology company specialising in the banking cash management function.
In addition, as set out in the Notice of AGM sent to shareholders on 28 June 2019, Aiden Casey, Non-Executive Director, will not be standing for re-election at the AGM and will therefore cease to be a director of the Company following the AGM.
The Company intends to appoint an additional, Independent Non-Executive Director in due course and will make a further announcement when appropriate.
The Company also provides an update regarding the restructuring of the Group and its areas of focus for new business going forward. The Company expects the restructuring plan for the Mporium business to complete by 31 July 2019.
Going forward, the Company has identified three high-growth, scalable areas in which the business will focus commercial attention:
- High value customer acquisition within sports related markets such as streaming and betting
- Lead generation for the consumer regulation claims market, such as Packaged Bank Accounts and other financial claims
- The cost effective licensing of Mporium's IMPACT platform through a self-service offering that provides valuable real-time insight and activation capability, using proprietary signal data
Mporium's Chief Executive, Tom Smith, said:
"In recent months the Company has made encouraging progress with its restructuring activities and is now emerging with a revised and well-defined strategy. Moving forwards, the business will be narrowing its focus to specific areas, including the sports and consumer regulation sectors, using the pay-for-performance model that characterised the MporiumX division prior to the restructure.
"We have every confidence that our leaner business model will drive growth and, ultimately, deliver greater shareholder value, and I look forward to supporting and advising the business as we move into this exciting new phase."