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Escher Group sees board exodus after offer from Hanover BidCo
(WebFG News) - Following a bid from Hanover BidCo for the entire issued share capital of Escher Group which was announced on 27 March, five of the company's six board members have resigned.
Liam Church will leave his role as chief executive of the mail processing software company at the end of May, Clem Garvey will leave his role as chief financial officer after a handover period and non-executive directors Paul Taylor and Stephen McLeod will leave the Escher Group with immediate effect.
Meanwhile, chief commercial officer Fionnuala Higgins will continue her with responsibilities in a management role.
Nick Winks, chairman of Escher Group Holdings, said: "I would like to express my sincere gratitude to Liam, Fionnuala, Clem, Paul and Stephen and for all their support and dedication to the board of Escher. I wish them all success for the future. I am also delighted to welcome the new directors to the board."
Replacing the board members are Hanover alumnus Ian Powell, who is to be appointed executive director, Hanover Investors founder Matthew Peacock, who will join as non-executive chairman, and Tom Russell and Jog Dhody who will act as non-executive directors with immediate effect.
Softiron executive chairman Norman Fraser will join Russell and Dhody as an executive director.
The £35.3m buyout by Hanover, who had previously held a 25.5% stake in Escher, was agreed in February.
As of 1629 BST, Escher Group Holdings' shares were up 0.55% at 183.50p.