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Xpediator rejigs management team for next phase of growth

"As with all fast-growing businesses, it is vital to evolve the management structure to support the enlarged business whilst also enabling it to continue to grow," said chairman Alex Borelli, who will become the senior non-executive director in September.

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The group is benefiting from increased activity

Xpediator PLC (LON:XPD), a provider of freight management services, has rung the changes at the top of the management tree.

Stephen Blyth, who is currently the chief executive officer, will become the executive chairman and will focus on the strategic direction of the group and acquisition opportunities.

Stuart Howard, who is currently the chief financial officer, will become the chief executive officer and oversee the day-to-day operational activities of the group while non-executive chairman Alex Borelli will become the senior independent non-executive director.

All changes will become effective at the start of September. A search for a new chief financial officer is underway while the company is also looking for a new independent non-executive director after Geoff Gillo announced he would not be seeking re-election to the board at today's annual general meeting (AGM).

READ Xpediator’s “critical” role in post-Brexit imports and exports to take 2019 sales past £200mln

The company said it had grown substantially since it floated on AIM in 2017 and the positional changes it has announced will creates a balance between supporting continued organic growth alongside maintaining a strong focus on making value adding acquisitions.

Ahead of today's AGM, the company said it was trading in line with market expectations.

Demand for freight management services remains strong across all three of the group's divisions and there continues to be a good pipeline of merger & acquisition prospects made up of a range of bolt-on opportunities each of which would add significant value to the group, Xpediator said.

"Xpediator has tripled in size over the last two years and is on track to generate revenues this year in excess of £200 million. This success has meant we have invested in senior personnel to manage the enlarged business and maximise the additional opportunities our increased size brings. The operating board now consists of eight extremely experienced, energetic professionals and we are well positioned to take the business forward to the next stage,” said Stephen Blyth.

Quick facts: Xpediator PLC

Price: 39 GBX

AIM:XPD
Market: AIM
Market Cap: £53.07 m
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