Appointment of Chief Executive Officer

Nexteq PLC

29 August 2024

 

29 August 2024

Nexteq plc

("Nexteq" or the "Group")

Appointment of Chief Executive Officer

Nexteq (AIM: NXQ), a leading technology solutions provider to customers in selected industrial markets, today announces that, following an extensive selection process, Duncan Faithfull, currently Gaming Business Leader and Chief Commercial Officer at Nexteq, has been appointed to the Board as Group Chief Executive Officer with immediate effect.

Duncan joined the Group in 2020 to lead the Quixant division where he has been responsible for implementing product and commercial strategies and enhancing the customer journey across marketing; new business; account management; operations and customer service.  During this time Duncan steered the business through the Covid period, delivering innovative new products, expanding the business into new customer segments and driving a relentless focus on excellent customer service.

Prior to Nexteq, Duncan has 30 years' experience in commercial leadership roles, with over 10 years at Executive Committee level, and has worked across various industries, including finance, logistics and pharmaceuticals. Duncan joins the Board with significant experience and expertise in delivering complex outsourced solutions, along with a demonstrable record of strategy and product innovation to drive growth.  Having been with the business for four years, Duncan also has established industry and customer relationships and a strong familiarity with the Group's product development, culture, and corporate strategy.

As a result of this appointment and in line with previously announced plans, Jon Jayal has stepped down as Group Chief Executive Officer and a Board member with immediate effect. Jon will remain as an employee in a consulting role until year end 2024 to support an orderly handover.

Duncan Faithfull, incoming CEO of Nexteq, commented:

"I am incredibly excited and proud to be joining the Nexteq Board as Group Chief Executive Officer. Having spent several years working with our Global team to deliver outstanding and innovative outsourced technology solutions, I believe in the significant opportunities across our Quixant and Densitron divisions, all of which are underpinned by the engineering expertise within the business. I am looking forward to working closely with the leadership team in driving forward our product roadmap and delivering on our vision. I would also like to thank Jon Jayal for everything that he has done for Nexteq over the last 12 years, and his outstanding contribution to the Group."

Nick Jarmany, founding Director and Interim Chair of Nexteq, commented:

"Duncan's proven ability in delivering product innovation and commercial strategy execution within the organisation make him the ideal candidate for Nexteq in its leadership transition, and I am delighted to formally welcome him to the Board. I am confident that Duncan's strong commercial relationships, strategic insight into the Group's markets and products, together with the support he commands from our teams will be invaluable in leading the delivery of long-term, sustainable growth for the Group. Duncan takes over from Jon Jayal, who deserves our gratitude for 12 years of exceptional service to the Group, and we wish him well in the next steps in his career."

Jon Jayal, outgoing CEO of Nexteq, commented:

"I have thoroughly enjoyed working in the business over the last 12 years and tackling the opportunities and challenges it has presented.  I feel privileged to have been part of a first-class team which spans a multitude of countries and cultures.  Duncan has been a senior executive in my team for several years and knows the business well.  I wish him every success as the new Chief Executive Officer and will give him all the support I can to make for a smooth transition."

Enquiries

Nexteq PLC Nick Jarmany, Interim Chair Duncan Faithfull, Chief Executive Officer Johan Olivier, Chief Financial Officer	Telephone: [phone]
Nominated Adviser and Broker: Cavendish Capital Markets Ltd Matt Goode / Edward Whiley (Corporate Finance) Tim Redfern / Harriet Ward (ECM)	Telephone: [phone]
Joint Broker: Canaccord Genuity Limited Simon Bridges / Andrew Potts	Telephone: [phone]
Financial PR: Alma Strategic Communications Hilary Buchanan/ Kieran Breheny	Telephone: [phone]

About Nexteq

Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in selected industrial markets. Its innovative technology enables the manufacturers of global electronic equipment to outsource the design, development and supply of non-core aspects of their product offering. By outsourcing elements of their technology stack to Nexteq, customers can focus their product development effort on the most critical drivers of their business' success.

Our solutions are delivered through a global sales team and leverage the Group's electronic hardware, software, display and mechanical engineering expertise. Our Taiwan operation is at the heart of Asian supply networks and facilitates cost effective manufacturing and strategic supply chain management.

The Group operates in six countries and services over 500 customers across 47 countries.

Nexteq operates two distinct brands: Quixant, a specialised computer platforms provider, and Densitron, leaders in human machine interface technology, each with dedicated sales, account management and product innovation teams. Founded in 2005, and later floating on the London Stock Exchange's AIM stock market as Quixant plc, the Group rebranded to Nexteq in 2023.

Further information on Nexteq and its divisions can be found at www.nexteqplc.com.

AIM Rules, Schedule 2(g) disclosures:

The following disclosures are made in accordance with Schedule 2(g) of the AIM Rules:

	Current Directorships/Partnerships	Former Directorships/Partnerships (past five years)
Duncan Thomas Edward Faithfull (aged 53)	·    Faithfull Consulting Limited	N/A

Duncan Faithfull currently holds Options over 454,904 Ordinary Shares and does not have any other beneficial interest in the Ordinary Shares of the Company.

There is no further information disclosable in respect of Duncan Faithfull pursuant to Schedule 2(g) of the AIM Rules for companies.

 

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