The CEO of Induction Healthcare PLC is to be replaced.

Induction, which is listed on London’s AIM market, is a digital health platform driving transformation of healthcare systems worldwide. It has a heavy presence within the NHS.

It said James Balmain will step down as CEO and from the company’s board. He will take on a new advisory role around product strategy and sales.

Christopher Samler, currently non-exec chair, will assume the interim role of executive chair, providing day-to-day leadership of the business pending the recruitment of a new permanent CEO.

Chief growth officer Paul Tambeau, who joined Induction in September 2022 after nearly five years at Doctor Care Anywhere, will move into an interim COO role. 

In its latest set of results, Induction reported revenue growth of 54% to £7.1 million in the six months to 30th September 2022.

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However it stated today: “[Amid] the recent NHS headwinds, the board is focused on cash preservation and self-sustaining growth. The board is clear on the need to tightly manage costs and execute a plan ensuring the group is correctly sized and on target to deliver a cash breakeven position during FY24. 

“The board is committed to a plan which is being executed at pace and the board changes outlined above are part of that plan.”

Balmain said: “I would like to emphasise to investors and other stakeholders that, whilst this decision hasn’t been taken lightly, it’s in the best interests of the company.” 

Samler added: “Our strategic approach is one of self-sustaining growth with the objective of cash breakeven in 2024 and has precipitated this change in leadership. These changes play to the strengths of the resources we have available and ensure Induction is well placed to achieve its objectives. 

“James has overseen an important chapter in the Group’s evolution and the Board is delighted to be able to draw on his undoubted product and market expertise as Induction enters the next phase of growth.”

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