Chief executive officer Mike McAuliffe is leaving Seeing Machines Limited (LON:SEE), the computer vision technologies company.
Executive chairman Ken Kroeger will take over McAuliffe’s duties until the company recruits a new chief executive.
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House broker finnCap said McAuliffe’s departure was obviously disappointing so soon after the group raised £35mln to deliver on what the broker believes is “a huge and exciting opportunity”.
“We understand Mike’s departure has nothing to do with the operation, or prospects for the future. We know that the second tier of management in this business is particularly strong and will continue to follow the strategy and deliver on the milestones as expected,” Seeing Machines’ nominated advisor (nomad) revealed.
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“Overseeing them, the executive chairman, Ken Kroeger, remains popular and well supported. He has carried the business forward since its early days in the mining industry and will continue to lead that strong second tier of executive which runs the individual Fleet, Automotive, Rail and Aviation divisions. We see little change and reiterate forecasts and expectations,” the broker said.
Shares in Seeing Machines were down a halfpenny at 6.2p on the news.
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