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Quartix appoints Daniel Mendis as new CFO

Published: 08:09 27 Sep 2017 BST

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Mendis worked closely with Quartix during his time in the Grant Thornton corporate finance team

Vehicle tracking technology firm Quartix Holdings PLC (LON:QTX) is to bring in Daniel Mendis as its chief financial officer to replace outgoing David Bridge.

Mendis, who has been head of finance at Associated British Foods PLC’s (LON:ABF) AB Agri division for almost four years, will join on 1 January 2018.

WATCH: Quartix buoyed by increase in fleet installations after business rebalancing

Quartix expects Bridge, who announced he would be stepping down in the summer, to officially leave his post at the end of December although he will stay with the company “until early 2018” to oversee the handover and help Mendis prepare the 2017 results.

Quartix and Mendis have worked closely in the past when the latter was at Grant Thornton’s finance team, so he already has an idea of the group’s financial structure.

"Having worked closely with Dan during his time at Grant Thornton in 2007 and 2008 I am delighted that he will now join us as CFO,” said managing director Andy Walters.

“We were impressed by the understanding he developed of our company then and have followed his subsequent career with interest.”

READ: Quartix heartened by decision to focus on its fleet business

He added: "I would like to take the opportunity to thank David for ten years of outstanding service to the company and for allowing us the time necessary to find a suitable replacement, and for agreeing to remain with us until early 2018 to help with the transition."

Shares opened flat at 347.5p on Wednesday.

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