Supply@ME Capital PLC (LSE:SYME) said it searching for a new chair after current non-executive chairman James Coyle tendered his resignation for personal reasons.
The fintech company said it has also appointed an independent adviser to complete a strategic review of the company as it prepares for the next phase of growth.
Coyle said he was stepping down to better balance existing time obligations across his extensive portfolio of non-executive roles, which the board has acknowledged and agreed that his departure will take place with immediate effect.
The company said that as its first White Label and Inventory Monetisation transactions move towards completion, the board expects an increase in business volume and Coyle had decided it was the right time to step away due to the level of commitment this will require.
Chief executive Alessandro Zamboni said while Coyle’s tenure has been short, “his impact has been immense” and “he leaves our business in a stronger position than he found it”.
“We are very sorry that demands on Jim's highly valuable time prevent him from being able to provide the level of support required for our next phase of our growth.”
SYME said the board is now actively seeking a permanent, long-term successor and in the interim will appoint one of its existing non-executive directors to chair future board and regulatory meetings.
The appointment of an independent adviser to complete a strategic review “will focus upon the delivery of its long-term business objectives, and its governance system requirements”.
SYME said the adviser is expected to make recommendations on any additional expertise and capabilities required to ensure Supply@ME is "positioned to realise its planned global growth and diversification of revenue streams".