The CEO of Mission Group plc has resigned months after it snubbed a £32 million takeover approach from Brave Bison Group Plc.
James Clifton (pictured) has informed the board that he will step down from his role to pursue a new opportunity with immediate effect.
Mark Lund OBE, a non-executive director at Mission Group, has been appointed interim group CEO. He joined the board in September 2022 following a successful career in advertising and marketing, during which he co-founded independent agency DLKW (now Mullen Lowe) and most recently was president of McCann Worldgroup UK and Europe.
He is currently non-executive chair of Smart Energy GB and the Advertising Standards Board of Finance (ASBOF) which funds the advertising self- regulation system in the UK carried out by the Advertising Standards Authority (ASA).
Mission’s board intends to commence a search process for a new CEO and says it will provide an update in due course.
“I have been very proud to lead Mission over the last five years,” said Clifton. “With firm foundations and a highly talented leadership team in place, the Mission feels set fair for 2024 and beyond.
“As such now feels like the right time to take on my next challenge, outside the group. I wish David, Mark and the entire team the very best for the future.”
In June fellow listed tech agency group Brave Bison abandoned its revised £32m takeover bid for Mission after coming up against a brick wall.
The owner of Social Chain, an acquisitive digital advertising and technology services company, said it was “disappointed by the lack of engagement from the Mission board” and “does not believe that the Mission board’s strategy to deleverage the business will deliver value for Mission shareholders in excess of the proposal”.
Brave Bison’s offer would have seen Mission’s shareholders hold approximately 50% of the proposed combined group. It did not rule out a further bid if there was a change in circumstances or the agreement of the Mission board was received.
Mission’s non-executive chair David Morgan added: “I have personally greatly enjoyed working with James. On behalf of the board I would like to thank James for his dedication, expertise, flair and his significant contribution to MISSION during his time with the business. We wish him well in his new opportunity.
“I am very pleased that Mark has agreed to lead our business in the interim. He has been integral to our strategic planning and development this year and his wealth of industry experience and dynamic leadership will keep us on course to drive forward on behalf of our shareholders, employees and clients.”
Mission’s share price has dropped from around 50 pence in summer 2023 to below 19p today. Its current market cap is around £16.75m.