Tern’s board and management have been significantly restructured following the AGM in late June, which did not approve the reappointment of CEO Al Sisto as a director. Al Sisto remains CEO but the board will be made up of non-executive directors, comprising experienced hires from within the business who will act ‘independently and in the interests of all shareholders’. Current executive management will continue its hands-on approach, proactively supporting growth via the team’s experience and sector expertise. The restructuring, together with other cost-saving measures, is expected to reduce central costs by c.40% in FY24 (vs FY22).
▪ Role changes. Matthew Scherba has stepped down from the board and is expected tobecomefull-time CEO of Konektio this month. Bruce Leith has left the board but remains a member of Tern’s senior management team. Sarah Payne will step down as CFO and Company Secretary on or before 30 September 2023, remaining on the board as a Non-Executive Director. Anon-board, part-time CFO is expected to be appointed shortly.
Tern plc (LON:TERN) backs exciting, high growth IoT innovators in Europe. They provide support and create a genuinely collaborative environment for talented, well-motivated teams. Wyld Networks is uniquely placed to deliver fixed and mobile mesh technology for Smart Cities, Events, Retail, Health and Industrial installations.