Induction Healthcare Group PLC (AIM:INHC), a leading digital health platform driving transformation of healthcare systems worldwide, has announced that James Balmain is stepping down as its chief executive officer and a board director with immediate effect.
The company noted that Balmain will take on a new advisory role where he will directly support the evolution and execution of group product strategy, together with national and regional sales.
It said Christopher Samler, currently the company's non-executive chair, will assume the interim role of executive chair, providing day-to-day leadership of the business pending the recruitment of a new permanent CEO, the process for which has already begun.
Paul Tambeau will move into an interim chief operating officer role to support Samler and the board pending the recruitment of a new permanent CEO. Tambeau joined Induction in September 2022 after nearly five years at Doctor Care Anywhere and, earlier in his career, at KPMG.
In light of the recently announced financial performance of the group - interim results for the half year to 30 September released on 5 December 2022 reported 54% growth in sales - as well as the recent NHS headwinds, the company said its board is focused on cash preservation and self-sustaining growth.
Induction said its board is clear on the need to tightly manage costs and execute a plan ensuring the group is correctly sized and on target to deliver a cash breakeven position during full-year 2024 and is committed to a plan which is being executed at pace and the board changes outlined are part of that plan.
In a statement, Balmain, said: "I would like to emphasise to investors and other stakeholders that, whilst this decision hasn't been taken lightly, it's in the best interests of the company. I'm looking forward to spending much more of my time on product strategy and sales, whilst also supporting the business as it navigates an important transitional period."
Samler added: "Our strategic approach is one of self-sustaining growth with the objective of cash breakeven in 2024 and has precipitated this change in leadership. These changes play to the strengths of the resources we have available and ensure Induction is well placed to achieve its objectives. James has overseen an important chapter in the group's evolution and the board is delighted to be able to draw on his undoubted product and market expertise as Induction enters the next phase of growth."