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Redstoneconnect shuffles board and replaces chief executive
Redstoneconnect on Friday appointed Frank Beechinor, currently non-executive chairman, to the role of chief executive after Mark Braund announced his intention to step down.
The AIM-traded smart building and commercial space technology provider said Beechinor's experience in growing SaaS-based software businesses makes him "well-placed" to help the company focus on its software business.
RedstoneConnect's strategy is to capitalise on the increasing demand for workspace management software solutions.
"We remain keenly focused on generating greater levels of recurring, annuity-based revenues, in order to realise our vision of becoming an international leader in the fast-growing workspace management software market and delivering long term shareholder value," said Beechinor.
Braund, meanwhile, leaves the company after three years during which he engaged in a number of restructuring activities, resulting in the proposed disposal of the firm's systems integrations and managed services divisions for £21.6m.
"RedstoneConnect is now in an excellent position to build-upon its growing solutions offering and to further capitalise on the opportunity that exists for workspace management software. I am confident that the Company will continue to both develop and prosper and look forward to seeing the business go from strength to strength," said Braund.
Furthermore, current non-executive director Guy van Zwanenberg will assume the role of non-executive chairman with effect from Monday, 18 June.
The company said it will consider the appointment of an additional non-executive director "with the relevant expertise" as its strategy develops.
As of 0920 BST, Redstone's shares were down 8.18% at 101p.