Mind Gym PLC (AIM:MIND) has agreed to appoint a new chief executive, following consultation from major institutional shareholders as it swung to a loss in the first half to 30 September.
First-half results showed revenues dropping to £20.9 million from last year's £26.8 million, largely due to market challenges in the US sector, with a statutory loss before tax of £13.2 million compared to a profit of £0.6 million last time.
The AIM-listed business improvement solutions provider announced Christoffer Ellehuus, currently president at Korn Ferry, has been appointed as CEO designate.
He will join MindGym on 8 January 2024, transitioning to CEO by the time of the AGM in July 2024, with Octavius Black, the group's current CEO, moving to executive chair.
Current trading indicates a rebound in the second half of FY24, the company said, driven by a robust energy framework launched in September 2023, with forward bookings and pipeline growth offering a positive outlook.
MindGym highlighted strategic cost reductions and operational efficiencies, coupled with promising market responses, "will enable a return to strong profitability in H2 FY24".
Shares in the company fell 3% to 37.35p after the statements.