Fintel to transition to single CEO structure as Stevens steps down

(Sharecast News) - Fintel announced a change in its executive leadership structure on Tuesday, with joint chief executive officer Neil Stevens set to step down from his role on 30 June. The AIM-traded firm said that following its annual general meeting on 20 May, Matt Timmins, currently joint CEO, would take on sole responsibility as chief executive officer.

He would be supported by chief financial officer David Thompson, with the two forming the company's executive leadership team.

Fintel said Stevens would remain in his role until his departure, ensuring an orderly transition in line with the company's succession plan.

He would not stand for re-appointment to the board at the AGM.

Fintel's board said it was confident in the company's future prospects, both for the current year and over the medium term, as it continued to execute its strategic plans.

"Since our market listing in April 2018, the structure of joint chief executive officers has worked effectively for the company, allowing us the capacity to execute our multi-strand strategy," said non-executive chairman Phil Smith.

"It also provided us with embedded succession planning in the event that either incumbent was to leave the business."

Smith said that in Matt Timmins, the company had an "exceptional leader" who was "fully equipped" to lead the business over the next phase of strategic growth.

"Our strategy is firmly set and we are focused on executing it at pace to deliver returns for our shareholders."

Fintel said it intended to announce its full-year results for the year ended 31 December on 18 March.

At 1131 GMT, shares in Fintel were down 1.94% at 259.36p.

Reporting by Josh White for Sharecast.com.