Adam Binks, CEO of AIM-listed technology transformation specialist SysGroup, is stepping down after five years.
During his reign as CEO of the Liverpool-headquartered cloud hosting and managed IT services provider, he oversaw a trebling in size.
Binks joined the business in 2014 as chief operating officer, becoming the youngest CEO on AIM in 2018, and transformed the group from a fledgling managed services provider to a technology solutions specialist built for the UK mid-market.
He led a £10m fundraise in 2019, ahead of closing multiple strategic acquisitions including Certus IT, Hub Network Services, Orchard Computers and Truststream – giving the business a presence in regions across the country.
Binks will step down from the board immediately following the announcement of the group’s full year results for the year ended March 31, 2023 on June 26, 2023.
Heejae Chae, the former CEO of Scapa Group, will join the board as executive chairman following announcement of the company’s FY23 results.
Chae’s appointment is subject to regulatory approval and a further announcement will be made in due course.
He is currently the chairman of the remuneration committee at IP Group plc.
On Chae’s appointment to the board, current chair Michael Edelson will step down to become a non-executive director.
Edelson has notified the board that he will subsequently retire from the board following the company’s next AGM, due to be held in September 2023.
Binks said: “I’ve thoroughly enjoyed my tenure at SysGroup, the last five years of which as CEO. Together with the team, we have built a solid business which can be used to bolt-on further acquisitions and continue to grow organically and I am looking forward to seeing SysGroup go through its next stage of growth under Heejae’s leadership.
“Finally, I would like to personally thank all of my board colleagues, the shareholders and the wider SysGroup team for their continued support over the years.”
Edelson commented: “On behalf of the board I would like to thank Adam for his unswerving commitment during his tenure at SysGroup.
“He has demonstrated excellent leadership through extremely challenging times, especially through recent events and his experience and knowledge of both the technology sector and capital markets has proved invaluable.
“I know I speak for all stakeholders by wishing him well for the future. The board is grateful for Adam’s work these past nine years.
“For me, whilst I am sad to be stepping down from the board of SysGroup, I am confident that now is the right time to step aside having been chair of the company since its admission to trading on AIM in 2013 and wish Heejae the best of luck with the position of executive chairman.”