The executive chair and CFO of Crimson Tide plc are to leave their roles after a pair of takeover bids for the smart mobile working tech provider came to nothing.
Shares in Crimson Tide have fallen to almost 152p since acquisitive Nottingham RegTech Ideagen – which has private equity backing – opted against submitting a concrete offer for the firm.
They had previously jumped from 178p to 270p on news of a potential £20.5 million takeover approach which Crimson Tide did not reject after knocking back two all-share approaches from Checkit plc, an augmented workflow and smart sensor automation company for frontline workers.
Headquartered in Tunbridge Wells, Kent, Crimson Tide – which appointed a new CEO in May – is the provider of process management app mpro5, which enables organisations to digitally transform their business and strengthen their workforce by smart mobile working.
Now Barrie Whipp has informed the board that he is stepping down as executive chair and director of the company, with effect from today. Jacqueline Daniell, currently non-executive deputy chair, will become chair. Whipp will remain with the group as an advisor to the board.
“It is now time to pass on the torch to Jacqueline who, with a strong and committed executive board along with the guidance of our non-executive directors, has my complete confidence,” said Whipp.
“I look forward to seeing the company prosper under Jacqui’s stewardship, both as an adviser and a significant shareholder.”
Meanwhile Shaun Mullen, current group CFO, has stepped down from the board today. He will remain with the group until the end of August 2024 to ensure an orderly handover.
Crimson Tide has announced the re-appointment of Peter Hurter to the board as group CFO, effective immediately. Hurter previously served in the role between 2018 and 2023 and has been COO since June 2024 in a non-board capacity.