Directorate Change

RNS Number : 6193C

Publishing Technology PLC

19 March 2014

 



Publishing Technology plc

19 March 2014

Appointment of Chief Executive Officer

Further to its announcement of 3 March 2014, Publishing Technology plc (the "Company" or the "Group") announces that Michael Cairns has been appointed Chief Executive Officer of the Group with effect from 1 April 2014.

Michael has been Chief Operating Officer of the Group's online division since joining the Company in May 2013 and, following a competitive search and selection process, the Board is pleased that he will now step up to the position of CEO.

In the 10 months since joining the Company, Michael has created a strategy and restructured the online division to focus on business development and operational efficiency with significant steps having been made towards the divisional goals. He will now be able to carry that momentum across the rest of the Group.

With 20 years' experience in digital publishing, Michael has consulted with and managed organisations as they have transitioned from traditional print-based media to online delivery. He has held senior positions with professional information, trade and educational publishers, and helped to define and launch several start-up content-related businesses.

Prior to joining Publishing Technology plc, Michael was a Managing Partner at Information Media Partners where he consulted on business strategies and digital transformation, an Executive at MyWire, Inc., VP, Digital Production at Wolters Kluwer Health, Inc., and for seven years served as President of R.R. Bowker, LLC.  Prior to Bowker, he was a media consultant with PriceWaterhouseCoopers, LLC. 

He has also served as a board member of both the Association of American Publishers and the Book Industry Study Group, as well as Chairman of the International ISBN Executive Committee. 

Michael is currently based in New Jersey and will divide his time equally between the US and the UK for the foreseeable future.

As this is an internal appointment, George Lossius, the outgoing CEO, and the Board have concluded that there is less need for George to provide long term continuity by remaining as a Non Executive Director of the Company and he will therefore step down as a Director on 31 March 2014. George will remain employed by the Group for the next six months to provide support to the Directors, Executives and customers as required. The Board thanks him for his long service to the Company and wishes him well in his future activities.

Martyn Rose, Chairman of Publishing Technology plc, commented:

"Michael has proven himself in his first few months with the Group and I am pleased to welcome him onto the Board as Chief Executive Officer against strong external competition. His appointment provides the business with continuity and a leader who, with his strong and varied background in driving business growth and efficiency, particularly in digital publishing, will be able to deliver the next phase of our business strategy."

Michael Cairns, Chief Executive Officer of the Group, commented:

"I am excited to be taking over as Group CEO as we concentrate on the next phase of our plan. My focus, along with the rest of the management team, will be to structure our resources to deliver revenue growth and product and implementation efficiency. I look forward to meeting our customers across the business and our investors in the very near future."

Enquiries:

Publishing Technology plc:

Alan Moug:                    01865 397800

Westhouse Securities:

Tom Griffiths                  020 7601 6100

Additional information:

Michael Philip Cairns, aged 51, is interested in 9,100 ordinary shares in the Company. He is a managing partner of Quick Change Interiors, a family business. Save as set out in this announcement, there is no further information to be disclosed in relation to Mr Cairns pursuant to Schedule 2(g) of the AIM Rules for Companies.

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