A listed supplier of displays to the gaming and industrial sectors has named its new CEO amid a leadership exodus.
Nexteq plc, based in Cambridge, has handed the top job to Duncan Faithfull, currently its gaming business leader and chief commercial officer.
Earlier this year CEO Jon Jayal, CFO Johan Olivier and non-executive chair Francis Small informed the board of their intention to step down and leave the group once suitable successors had been identified.
Small has been replaced on an interim basis by Nick Jarmany, founding director and deputy chair, while Jayal will remain as an employee in a consulting role until year end 2024 to support an orderly handover. Olivier remains in post for now.
“I have thoroughly enjoyed working in the business over the last 12 years and tackling the opportunities and challenges it has presented,” said Jayal.
“I feel privileged to have been part of a first-class team which spans a multitude of countries and cultures. Duncan has been a senior executive in my team for several years and knows the business well.
“I wish him every success as the new Chief Executive Officer and will give him all the support I can to make for a smooth transition.”
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Nexteq is listed on London’s junior AIM market. Its Densitron brand supplies platforms and displays to industrial sectors such as manufacturing, while Quixant supplies them to the casinos and gaming sector.
In July its share price dropped from around 122p to 77p following news of the departures and reports that FY24 revenues were expected to be 15%-20% below market expectations, with adjusted profit before tax 30%-40% below market expectations. It has recovered to around 99p today.
Faithfull joined the group in 2020 to lead the Quixant division. Prior to Nexteq, he had 30 years’ experience in commercial leadership roles, with over 10 years at executive committee level, across industries including finance, logistics and pharmaceuticals.
“I am incredibly excited and proud to be joining the Nexteq board as group chief executive officer,” he said.
“Having spent several years working with our global team to deliver outstanding and innovative outsourced technology solutions, I believe in the significant opportunities across our Quixant and Densitron divisions, all of which are underpinned by the engineering expertise within the business.
“I am looking forward to working closely with the leadership team in driving forward our product roadmap and delivering on our vision. I would also like to thank Jon Jayal for everything that he has done for Nexteq over the last 12 years, and his outstanding contribution to the group.”