Xpediator Plc (AIM: XPD), Benfleet Forwarding’s parent company, has announced a number of exciting positional changes to its Board of Directors and a trading update
- Stephen Blyth, currently chief executive officer, will become executive chairman;
- Stuart Howard, currently chief financial officer, will become chief executive officer; and
- Alex Borrelli, currently non-executive chairman, will become senior independent non-executive director.
The Group has grown substantially since its AIM IPO in 2017 and the positional changes being announced today indicate the future roles of the senior executive team and the growth ambitions for the business. Stephen Blyth as executive chairman will focus on the strategic direction of the Group and M&A opportunities and Stuart Howard, as chief executive officer, will be responsible for over-seeing the day-to-day operational activities of the Group. The new structure creates a balance between supporting continued organic growth alongside maintaining a strong focus on making value adding acquisitions.
Separately, and having served beyond his original two-year term, Geoff Gillo, non-executive director, has informed the Board of his wish to retire and will not be seeking re-election at today’s annual general meeting.
Searches for a new chief financial officer and a new independent non-executive director have commenced. In the event that the search for Stuart Howard’s replacement as chief financial officer goes beyond 1st September 2019, Stuart will retain the position of chief financial officer as well as becoming chief executive until a suitable replacement has been identified. Alex Borrelli will replace Geoff Gillo as chairman of the audit committee and internal audit function.
Following the appointment of a new chief financial officer and non-executive director, the Board will comprise three executive directors and three independent non-executive directors.
The Board is also pleased to confirm the Company is trading in line with market expectations. Demand for freight management services remains strong across all three divisions and the Group is benefiting from increased activity. There continues to be a good pipeline of M&A prospects made up of a range of bolt-on opportunities each of which would add significant value to the Group.
Commenting on the board changes, Stephen Blyth, said:
“Firstly, thank you to Geoff for his substantial help over many years, but particularly during the IPO and transformation of the Xpediator group since and on behalf of the Board I wish him and his family the very best.”
“Xpediator has tripled in size over the last two years and is on track to generate revenues this year in excess of £200 million. This success has meant we have invested in senior personnel to manage the enlarged business and maximise the additional opportunities our increased size brings. The Operating Board now consists of eight extremely experienced, energetic professionals and we are well positioned to take the business forward to the next stage.”
“A key appointment last year was Stuart, whom I always regarded as a CEO in waiting and, since joining has demonstrated that he is ideally suited to the role. These changes do not fundamentally alter the current day-to-day operations of the Group and its management. However, they are a sign of the Board’s strategy and focus going forward. We are also fortunate in that Alex will continue to lead our non-executive team providing independent counsel and ensuring good governance.”
Chairman of Xpediator, Alex Borrelli, said:
“As with all fast-growing businesses it is vital to evolve the management structure to support the enlarged business whilst also enabling it to continue to grow. As a team we are focused on creating a much larger and more valuable business and today’s changes reflect that ambition.”