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28 Jan 2021 | 12:26

GB Group taps Aveva's David Ward for CFO role

(Sharecast News) - GB Group announced the appointment of David Mathew Ward to its board as its new chief financial officer on Thursday, replacing Dave John Wilson, who was stepping down from the board and retiring as CFO and chief operating officer after 12 years. The AIM-traded data company said it expected Ward to join the firm on 17 May, with Wilson leaving at the end of June, providing sufficient time to complete an orderly handover.

It noted that, during Wilson's tenure, the group had evolved to an international business, with more than 65% of revenue generated outside the UK, customers in over 70 countries and team members in 16 countries.

Over the same period, GB Group increased its market capitalisation more than 100 times, to a current £1.7bn from about £14.2m in April 2009.

The board described Ward as a "highly experienced, successful and well-regarded" business leader who had spent the last 10 years with FTSE 100 software company Aveva Group.

Before the merger with the software business of Schneider Electric, he was CFO, and subsequently finance director and company secretary of the enlarged group.

Ward is an economics graduate and a qualified chartered accountant, having spent his early career with Ernst & Young.

The board said the combination of his experience, drive and culture made him "an ideal fit" for GB Group's next stages of growth.

"In terms of product portfolio, customer focus and success, international growth and delivering shareholder value, GB Group has come a long way from the business Dave joined," said chairman David Rasche.

"Dave is highly respected by our investor community and by all his colleagues in the business."

Rasche said that after a "thorough and rigorous" search process with Odgers Berndtson, the board was "delighted" that David Ward had agreed to join the company as CFO.

"David has been key to impressive growth and financial governance improvements at Aveva over his tenure, and I am confident that his experience will be an asset to GBG as we continue our own growth story."

At 1209 GMT, shares in GB Group were down 0.47% at 852p.
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