The chair of GB Group plc is to retire from the role after overseeing a 65% drop in the firm’s share price.
Richard Longdon took on the role in September 2022, when GBG’s shares were valued at 450 pence. Today they are worth 156p, with a market cap of £358 million.
He will step down on 30th November to spend more time with his family and on personal interests, the global identity and location technology provider said.
In the months after Longdon took on the role in , a potential £1.3 billion American private equity takeover of the group fell through.
The following year, it made a huge loss before tax of £118.8 million as it wrote off £122.2m of intangible assets.
Dev Dhiman was appointed CEO in early 2024 following the retirement of Chris Clark then in 2025 the company moved from the junior AIM segment to the main market of the London Stock Exchange.
However this summer it saw its shares drop further after it wrote down the value of its US business segment by around £90m in its latest annual results.
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The GBG board will immediately commence a thorough process to identify and appoint a permanent successor, led by senior independent director Liz Catchpole.
If a permanent chair has not been appointed by 1st December 2026, Catchpole will assume the role of interim chair.
“On behalf of the board, I would like to thank Richard for his considerable contribution to GBG,” she said.
“We respect his decision to retire from the role and are grateful of his commitment to an orderly transition. We look forward to building on the foundations established during his tenure.”
Longdon said: “It has been a privilege to serve as chair of GBG. I remain fully supportive of GBG’s strategy and future prospects and look forward to assisting with a smooth handover over the coming weeks.”