A new CEO has been appointed at Induction Healthcare Group PLC while the company has sold one of its business units as it looks to break even in 2024.
Induction, listed on London’s AIM market since 2019, is a digital health platform driving transformation of healthcare systems worldwide. It has a heavy presence within the NHS.
In January James Balmain stepped down as CEO and from the company’s board, moving to an advisory role around product strategy and sales, with chair Christopher Samler taking responsibility for day-to-day leadership.
Chief growth officer Paul Tambeau, who joined Induction in September 2022 after nearly five years at Doctor Care Anywhere, moved into an interim COO role at that time – and has now been appointed as permanent CEO.
Samler moves back to the non-exec chair role while interim CFO John McIntosh has also been appointed to his position on a permanent basis.
Tambeau started his career in management consulting, spending 11 years on strategy and transformation engagements within Canada’s public and private health sectors. This included three years in KPMG’s national health care strategy practice.
Over the last seven years, he has held senior executive roles in digital health companies in Canada and the UK, most recently as chief commercial officer of Doctor Care Anywhere.
Induction said it remains on track to break even next year following its reorganisation. It has sold Switch, a directory app, for an undisclosed sum.
The company’s share price was 119.5p at IPO but has dropped to less than 23p today.
“We are pleased with the progress we have made towards our objective of self-sustaining growth and cash flow breakeven in 2024,” said Samler.
“The business is in far better shape than in the last quarter of last year and the board is confident that we remain on track to meet our commitments for the year.
“The leadership provided by both Paul and by John has been instrumental in helping to turn the business around and whilst we still have challenges to face, we are confident that the business is in safe hands.
“I look forward to working even more closely with both Paul and John as we drive the business to the next phase of growth.”