ACTING FINANCE DIRECTOR of 21st Century Technology, Mark Elliott, has agreed to act as executive chairman of the CCTV maker while it searches for a new CEO, the company said in stock exchange announcement.
Elliott is to work closely alongside outgoing CEO Wilson Jennings while a new chief executive is sought. Jennings, who told the company he planned to step down as chief executive earlier this week, will continue in his role for up to 12 months, being his contractual notice period.
As previously announced, the company intends to appoint a new finance director and a further non-executive director, after which Elliott will revert to the role of non-executive chairman.
Former non-executive chairman Jan Holmstrom is also leaving the board with immediate effect. Elliott said the company was making sure the "board of directors is structured to fit the company's strategy, including providing valuable executive support to our current chief executive and to meet best practice in corporate governance as soon as practicable".
"We are currently working hard to appoint new board members with strategic and operational experience to further strengthen the board and look forward to announcing those in due course."
Shares fell 4% in morning trading.
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