Xpediator PLC (LON:XPD) said its chief executive Stephen Blyth will step down from the position with effect from Friday, June 4, although he will continue as a director in the position of founder and non-executive deputy chairman.
The freight management group said given the prevailing circumstances, Blyth had agreed to stay on as CEO despite announcing his intention to step away from the role last summer, however, given health concerns he had decided now was the right time to spend more time with his family.
Xpediator said a formal process to appoint a new CEO has commenced, while in the interim two members of its senior management team, chief financial officer Robert Ross and chief operating officer of its Logistics Romanian business Danor Ionesc, will jointly cover the responsibilities of the position.
As deputy chairman, Blyth will also chair a newly formed mergers & acquisitions (M&A) committee.
In a statement, Blyth said: "Working from home over the previous three months due to [coronavirus], has reinforced my decision to step down from the day to day responsibilities of CEO. I very much look forward to remaining on the Board and providing opportunities to help further grow the business through chairing the M&A committee. I wish Robert and Danor much success in their new interim positions and will assist in the identification of a new CEO to lead the Group in the next phase of its growth."
“Stephen has successfully managed the group through the impact from [coronavirus] and the group is well placed for delivering a good performance for 2020”, said Xpediator chairman Alex Borrelli
“We have a strong management team in place and it is important that we identify the best candidate for the new CEO through an orderly process to work with our team and lead the Group, which we have now commenced", he added.
Shares in Xpediator were 1.9% lower at 26p in early deals on Friday.