The fallout from US President Donald Trump’s tariff frenzy has led to a boardroom cull at listed Argentex.
The global currency risk management specialist recently requested a suspension in trading in its shares, citing its exposure to significant volatility in foreign exchange rates following the rapid devaluation of the US dollar due to Trump’s tariff announcements.
Amid concerns over its liquidity, the London-based firm – led by CEO Jim Ormonde – subsequently received three takeover offers and entered talks with IFX Payments.
“The directors… reviewed the composition of the board and agreed that it would be in the best interests of the company and its shareholders to reduce the number of directors. Accordingly, each of Henry Beckwith, Lord Digby Jones, Rina Ladva and Jeff Parker (all non-executive directors of the company) agreed to resign and left the board on Friday 2nd May 2025,” it stated this morning.
“In addition, Guy Rudolph, the company’s chief financial officer [has] notified the board of his resignation.”
Rudolph has a notice period of six months which he will serve out.
“Following the completion of statutory due diligence checks, Tim Rudman was formally appointed to the board on 5 May 2025,” continued Argentex.
“Following Tim’s appointment the board now consists of Nigel Railton, non-executive chairman, Jonathan Gray, senior independent non-executive director, Tim Haldenby, independent non-executive director and Tim Rudman as chief executive officer.”
Nigel Railton, chairman of Argentex, said: “Against the background of an extremely challenging past few weeks for Argentex, I would like to thank Henry, Lord Digby, Rina and Jeff for their expertise and contribution to Argentex during their tenure with the company.
“Each of their experiences have provided valuable perspective for both the board and the wider group. We wish each of them well for the future.”