Ian Ritchie, chairman of cloud-computing company Iomart Group PLC (LON:IOM), is the new non-executive chairman of investment company Tern PLC (LON:TERN).
Ritchie, who is also chairman of Computer Application Services Ltd and Krotos Ltd, will take on his new role at Tern with effect from today.
Tern specialises in backing companies operating in the Internet of Things sector, so the appointment looks a good fit.
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“We interviewed several strong candidates but Ian's extensive experience in the technology sector and in helping young companies grow made him stand out. Ian has an exemplary track record of working with management teams to deliver shareholder value and we look forward to working with him as we continue to deliver Tern's strategy," said Al Sisto, chief executive of Tern.
Ritchie said he was delighted to be joining Tern.
“Tern is at an important stage of the development of its portfolio. The company is positioned in key high growth areas and I look forward to working with the team to maximise these significant opportunities," he added.
In late afternoon trading, Tern shares were 2.9%, or 0.25p higher at 8.88p.
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