Directorate change

Cambridge Cognition Holdings PLC

12 September 2024

 

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Cambridge Cognition Holdings plc

("Cambridge Cognition" or the "Company")

Directorate change - Chief Executive Officer and senior management changes

Cambridge Cognition Holdings Plc (AIM: COG), which develops and markets digital solutions to assess brain health, announces today that Dr Matthew Stork has stepped down as Chief Executive Officer (CEO) with immediate effect to pursue other opportunities and will resign as a member of the Board of the Company. 

Rob Baker, Chief Operating Officer, and Alex Livingstone-Learmonth, Chief Commercial Officer, have been appointed as Acting Joint Managing Directors while the Board undertakes a search for a new CEO.  To enable a smooth transition, they will be supported by Ronald Openshaw, who has been the Company's senior strategic financial consultant since July 2024, together with the Board.  While the recruitment of a new Chief Financial Officer progresses, Ronald Openshaw has been leading the Company's Finance function. Biographies of each are set out in the Appendix below.  Rob Baker and Alex Livingstone-Learmonth will report to the Chairman but will not be appointed to the Board. The Board has commenced a process of identifying a replacement CEO and a further announcement will be made in due course.

During his tenure Matthew guided the Company through a period of significant growth and led the acquisitions in 2022 and 2023 of eClinical Health and Winterlight Labs, which have resulted in the expansion of the eCOA platform and launch of the AQUA solution.  The Board would like to thank Matthew for his significant contribution and wishes him every success in the future.

The Company's primary focus for the remainder of the year and into 2025 is to continue grow the sales pipeline and convert it into firm orders to deliver its growth objectives.  The current sales pipeline and commercial activities combined have the capability to meet this objective. The Board will closely review, monitor and support the executive team to deliver against this near-term objective. 

Dr Steven Powell, Chairman, said: "Changes made under Matthew's leadership during 2023 and 2024 have reshaped the Company's cost base leaving Cambridge Cognition better positioned to deliver profitability and cashflow as sales orders and revenue accelerate.  In June, the Company secured additional working capital to strengthen the balance sheet to underpin growth and the Board will put in place leadership to provide the business with the best opportunity to reach its growth objectives."  

Enquiries:

Cambridge Cognition Holdings plc	c/o Hudson Sandler
Dr Steven Powell, Chairman
Hudson Sandler (Financial PR and IR)	Tel: [phone]
Dan de Belder / Hattie Dreyfus	[e-mail]
Panmure Liberum Limited (NOMAD and Joint Broker)	Tel: [phone]
Will Goode / Freddy Crossley / Mark Rogers	(Corporate Finance)
Rupert Dearden	(Corporate Broking)
Dowgate Capital Limited (Joint Broker)	Tel: [phone]
David Poutney / Nicholas Chambers

Appendix: leadership biographies

Rob Baker, Chief Operating Officer, was previously the Chief of Product and Operations. He joined the Company as Head of Product in November 2022. Prior to this, Rob Baker held several senior roles at Amazon, including leading large operational teams to scale Alexa voice technology improvements and leading privacy and security operations. In addition to his operational expertise, Rob Baker has significant sales and marketing experience, having been responsible for regional Amazon Echo device sales, device expansion, and large-scale e-commerce programs. Rob Baker began his career at Siemens where he led contract delivery within the Mobility Division before transitioning into regional management roles within the Smart Infrastructure Division.

Alex Livingstone-Learmonth, Chief Commercial Officer, joined the Company in February 2024 having previously worked in the clinical trial technology, services and solutions industry for over 20 years. He previously held the role of Vice President, Global Lead, Strategic Accounts at Calyx and Vice President, Global Strategic Accounts, Business Development at Signant Health (formerly CRF Health).  Prior to this Alex Livingstone-Learmonth gained 20 years of eClinical experience, leading and building high-achieving global commercial teams.

Ronald Openshaw is CEO of Lucia Capital which advises companies in the life science and healthcare sector on strategy, operational delivery and business acquisitions and disposals.  He has served as Chief Executive Officer and/or Chief Financial Officer of several companies including Simbec-Orion, a clinical research organisation, Plethora Solutions, a urology and sexual health specialty pharmaceutical company, and Pharmagene/Asterand - a pioneer in the use of human tissue in drug discovery and development.  In each of these companies Ronald has delivered multi-fold shareholder returns during his tenure. Prior to these roles he was a senior healthcare investment banker with both Jefferies and Panmure Gordon. He is a Chartered Accountant having qualified at KPMG.

 

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