Induction Healthcare Group PLC Directorate Changes (0149M)
January 09 2023 - 2:00AM
UK Regulatory
TIDMINHC
RNS Number : 0149M
Induction Healthcare Group PLC
09 January 2023
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Directorate Changes
James Balmain stepping down as CEO, moving to board advisor
Christopher Samler moves from non-exec Chair to exec Chair
Induction (AIM: INHC), a leading digital health platform driving
transformation of healthcare systems worldwide, announces the
following Board changes which are to take effect immediately.
James Balmain is stepping down as Chief Executive Officer and a
Board director and will take on a new advisory role where he will
directly support the evolution and execution of Group product
strategy, together with national and regional 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, the
process for which has already begun.
Paul Tambeau will move into an interim Chief Operating Officer
role, to support Christopher and the Board pending the recruitment
of a new permanent CEO. Paul joined Induction in September 2022
after nearly five years at Doctor Care Anywhere and, earlier in his
career, KPMG.
In light of the recently announced financial performance of the
Group (Interim Results for half year to 30 Sep released on 5 Dec
2022 reported 54% growth in sales), as well as 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.
Induction CEO, James 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. I'm looking forward to spending much more of my time on
product strategy and sales, whilst also supporting the business as
it navigates an important transitional period."
Induction Chair, Christopher Samler, said: "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."
ENQUIRIES
Induction Via Walbrook PR Ltd: induction@walbrookpr.com
Christopher Samler, Executive Chair
Paul Tambeau, Chief Operating Officer
Singer Capital Markets (Nominated
Adviser and Broker) +44 (0)20 7496 3000
Philip Davies
Walbrook PR Ltd +44 (0)20 7933 8780 or induction@walbrookpr.com
Alice Woodings / Paul McManus Mob: +44 (0)7407 804 654 / +44
(0)7980 541 893
About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software
solutions through a single integrated platform that transforms care
delivery. Our system-wide applications help healthcare providers
and administrators to deliver care at any stage remotely as well as
face-to-face - giving the communities they serve greater
flexibility, control and ease of access. Purpose-built for
integration with leading Electronic Medical Record (EMR) platforms,
our products offer immediate stand-alone value that becomes even
greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as
well non-health government services, our applications are relied
upon by hundreds of thousands of clinicians and millions of
patients across almost every hospital in the British Isles.
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END
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