Medical imaging technology group Feedback plc (LON:FDBK) has merged two of its subsidiaries as part of plans to restructure and simplify the business.
Feedback snapped up Cambridge Computed Imaging and TexRAD back in 2014 and both have been operating as wholly-owned subsidiaries ever since.
But after a strategic review, CCI is to be renamed as Feedback Medical and will house the employees of both CCI and TexRAD which will become dormant.
IN-DEPTH: Feedback's eyes on the prize
Board changes
As part of the organisational changes, executive directors Mike Hayball and Balaji Ganeshan have stepped down from the group board and will instead take up seats on the board of the newly-formed Feedback Medical.
In addition, Simon Sturge has been appointed as a group non-executive director and will replace the outgoing Alex Menys.
Feedback also revealed that Sturge, along with chairman Alastair Riddell, will be paid into share options instead of cash to reduce board costs.
‘Important step’ for Feedback
“These changes represent an important step for Feedback to simplify its organisation and continue to leverage its global brand in the field of medical imaging,” said Riddell.
“In streamlining the board, we now have complementary expertise across the non-executive and executive directors and are well-positioned to support the company's growth strategy.”
Chief executive David Crabb added: “Over the past two months I have been focused on unlocking the significant potential in optimising and expanding Feedback's operations. I believe that these organisational changes will unify the team, improve business performance and raise awareness of the company globally.”
Feedback shares rose 1.7% to 1.25p shortly after the opening bell on Monday.