CyanConnode formally separates chair, CEO roles

(Sharecast News) - CyanConnode announced a board restructuring with immediate effect on friday, appointing Björn Lindblom as non-executive chairman and transitioning John Cronin from executive chairman to group chief executive officer. The AIM-traded company said the move formalised the separation of chairman and CEO roles, aligning with corporate governance best practices.

"The business is entering a transformational phase and anticipates substantial growth in the coming years," said Björn Lindblom.

"Now is the right time to strengthen governance and enhance board independence."

Lindblom, who joined the board in January last year, was bringing extensive experience in the communications and internet-of-things (IoT) sectors, having previously led Connode AB prior to its acquisition by Cyan in 2016.

He would continue to chair the remuneration committee and serve on both the audit and nominations committees.

CyanConnode said the changes would support its strategic focus as a global provider of smart metering and IoT communication solutions.

"We are delighted that Björn is taking up his new role as independent non-executive chairman," commented group chief executive officer John Cronin.

"His deep industry experience and long-standing knowledge of the company will be invaluable as we move forward.

"This decision also enables me to focus fully on driving the operational development of the business."

At 1134 BST, shares in CyanConnode Holdings were down 0.86% at 7.93p.

Reporting by Josh White for Sharecast.com.