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Feedback streamlines structure and shuffles board in strategy review
Medical imaging development firm Feedback has formulated a new company structure by merging two subsidiaries it acquired in 2014, the company said on Monday.
Cambridge Computed Imaging (CCI) and TexRAD have been operating as separate, wholly owned subsidiaries since their acquisition but will now be integrated under CCI, which is to be renamed Feedback Medical Limited, while TexRAD will become dormant.
The move is part of a strategic review to streamline operations, with a view to achieving the company's aim of creating evidence-based imaging software to arm clinicians with the tools to improve patient outcomes.
David Crabb, chief executive of Feedback, said: "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."
Along with the structural changes the company has seen a shuffling of the board as Mike Hayball and Balaji Ganeshan have resigned from their executive director roles in Feedback to serve as directors of the newly formed Feedback Medical Limited.
Furthermore, Alex Menys has stepped down as non-executive director of Feedback PLC, being immediately replaced by Simon Sturge.
Alastair Riddell, chairman of Feedback, said: "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."
As of 0852 BST, Feedback PLC's shares were up 1.58% at 1.24p.