RNS Number : 5915E
Induction Healthcare Group PLC
02 March 2020
2 March 2020
Induction Healthcare Group PLC
("Induction", the "Company, or the "Group")
Board and management changes
Induction, a leading healthcare technology company that helps healthcare professionals deliver better care more efficiently, announces changes to its senior management team and its Board of Directors (the "Board") to reflect appropriately the balance of workflow in the Company and position it for its next phase of growth.
Dr Hugo Stephenson, current interim Head of Product/Development and current Non-Executive Director, will take on the executive role of CEO. Dr Stephenson has recently been assuming greater responsibility for building the Induction product and the day-to-day running of the Company.
As a result, current CEO, Ibs Mahmood, will take on the newly formed role of Chief Business Officer to focus more on the execution of Induction's buy-and-build strategy and corporate development. Mr Mahmood will remain on the Board.
The Company also announces that Shelley Fraser, previously Interim CFO, has now been appointed to the CFO role on a permanent basis and has joined the Board.
All changes will be effective immediately.
Following the change, the Board comprises three Executive Directors and three independent Non-Executive Directors.
Ibs Mahmood, Chief Business Officer of Induction, said:
"Hugo's role as interim Head of Product/Development has increasingly seen both of ussharing the operational responsibilities incumbent upon a CEO. To better maximise our respective skillsets, Hugo, the rest of the Board and I have determined it would be prudent for Hugo to take on the CEO role fully whilst my new role will allow me to focus more on the pursuit of business and corporate development opportunities in line with our growth strategy."
Dr Hugo Stephenson, CEO of Induction, said:
"I am excited to be taking on the role of CEO. Ibs has been excellent in the role throughout his tenure but given his track record in deal making and my long experience of product development, we will now redistribute our roles. Ibs will remain an integral part of the team as we implement our strategy and focus on the key areas to ensure our long-term growth. On behalf of the Board, I would also like to welcome Shelley as our permanent CFO and full member of the Board."
Within the last five years Shelley Kim Fraser (aged 53), was a director of the following company: Murdoch Fraser Limited. There is no further information to be disclosed on the appointment of Shelley Fraser to the Board pursuant to Schedule 2 paragraph (g) of the AIM Rules.
