Westminster Group PLC (AIM:WSG) has announced a series of board room changes amid a bid to push future profitability.
Mawuli Ababio will step down as a non-executive director following the company’s annual general meeting on June 28, while Tony Baldry will move from an executive to non-executive chairman role.
Ababio will remain available to advise the company, Westminster Group added, with the changes creating a “balanced board” of three executive and non-executive members respectively.
“[This] is in line with best corporate governance practices,” the specialist AIM-listed security firm said.
Westminster Group noted that the measures were part of a cost optimisation drive, implemented in the wake of better full-year results that marked a 35% rise in revenue and breakeven for the firm.
“I would like to express my and the board's appreciation for Mawuli's dedication and hard work,” Baldry commented. "Equally I am happy to assume the role of Non-Executive Chairman as part of our cost optimisation programme.”