Proactive Investors - Run By Investors For Investors

Seeing Machines CEO and chairman step down with immediate effect

Ken Kroeger has resigned as chief executive after eight years in the role and chairman Jack Boyer has quit after just under a year in the position
Seeing machines
Seeing Machines has streamlined its fleet division following a review

Seeing Machines Ltd (LON:SEE) has announced the departure of its chief executive and chairman with immediate effect amid a restructuring of the group.

Ken Kroeger has stepped down as chief executive after eight years in the role.  

READ: Seeing Machines looking up as it streamlines fleet division to accelerate adoption of driver monitoring tech

The driver monitoring technology firm said Kroeger has acknowledged that the business needs a chief executive who can “commit, long-term, to the successful delivery of the unique strategic opportunity that Seeing Machines has established”.

Paul McGlone, head of the group’s fleet division, will fill in as interim chief executive.  

Kroeger will remain as a consultant to the company to facilitate an orderly transition until a permanent replacement chief executive is found.  

Jack Boyer will resign as chairman after just under a year in the position.

“Boyer has advised that his current and future directorships and other professional commitments have regrettably placed him in a position where he is no longer able to dedicate the requisite time, travel and energy to his chairman role at Seeing Machines and has consequently made the difficult decision to step down,” the company explained.

He will remain on the board as a non-executive director and facilitate the transition to a successor.

Non-executive director Kate Hill has been appointed interim chair.

The management changes come as Seeing Machines undergoes a restructuring, which has included streamlining its fleet division in a push to accelerate adoption of its driver-monitoring technology.

Following a strategic review of the fleet business, it has shrunk the size of the team by 30% to reduce costs and right size the unit, while also channelling its business development through an expanding distribution network.

View full SEE profile View Profile

Seeing Machines Limited Timeline

Related Articles

Tekcapital expects “the quickening pace of innovation” in the portfolio companies to lead to higher service revenues in the future
May 10 2019
The AIM-listed firm's 2018 results in March showed a 104% year-on-year jump in pre-tax earnings (EBIT) to £27.2mln, ahead of markets expectations, as revenues soared by 83% to £93.9mln
Keywords Studio
June 17 2019
Keywords has a buy-and-build strategy and has been expanding rapidly since its first acquisition in 2014.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use