Remote Monitored Systems Chairman Burton quits
By Sean Farrell
Date: Friday 10 Jul 2020
(Sharecast News) - Remote Monitored Systems shares fell after the company's chairman left the board abruptly.
The survey and inspection services investor said Nigel Burton had retired from the board with immediate effect to pursue other opportunities. Paul Ryan, will become chairman and will be the company's only non-executive director alongside executive director Trevor Brown.
Remote Monitored said Burton would work on a consultancy basis for as long as is needed for a smooth transition. The company's shares fell 9.1% to 0.25p at 09:31 BST.
The AIM-listed company also appointed John Richardson as chief operating officer. Richardson,60, is a director of GyroMetric Systems, Remote Monitored's 58%-owned subsidiary, which uses digital data to predict mechanical failure in rotating shafts ranging from a tool's spindle to a ship's propellor shaft or a wind turbine.
Richardson will take Burton's place on the audit and remuneration committees and run the company's executive finance function. He has no direct or indirect interest in Remote Monitored's shares.
Ryan said: "The board would like to thank Nigel, who joined the board in January 2018, for his contribution and wishes him well in his other ventures. John's promotion reflects his increased role over the past year in supporting the group in addition to his ongoing responsibilities at GyroMetric."
Ryan, a former City lawyer and management consultant, worked for Vodafone for 11 years till 2013 and now works as a strategic adviser. The company said it would continue to keep in mind the appointment of another non-executive director.
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