Swift Media reveals key board and management personnel transition
Wednesday, 3 April 2019 Swift Media Ltd (ASX:SW1) and its managing director and CEO, Xavier Kris, have mutually agreed that Kris will step down as managing director and CEO when his existing contract ends on June 30, 2019. Kris has advised the company that he wishes to pursue outside business interests following the completion of his contract, although he intends to remain a long-term Swift shareholder. READ: Swift Media’s sustained revenue and profit growth translate into higher operating cash flow Swift has commenced a search for a new CEO and is also making progress in appointing a new independent non-executive chairman following the non-executive chairman, Carl Clump, having stepped down from the board of directors in February 2019. Kris will remain engaged as interim executive chairman until September 30, 2019 or the appointment of a new chairman, whichever is earlier. He will also continue to provide general commercial consulting services to the company until December 31, 2019 to facilitate knowledge transfer, management transition and assist in Swift’s continued development. READ: Swift Media’s mobile entertainment platform to expand globally after passing first growth target Swift director Robert Sofoulis said: “On behalf of my fellow directors and Swift’s senior management, I would like to recognise Xavier’s significant contribution to the growth of the company during his tenure of almost three years as CEO of Swift. “During this period, Xavier has been instrumental in providing decisive leadership and the execution of Swift's growth strategy. “As CEO, Xavier spearheaded the successful listing of the business on the ASX in May 2016. He has overseen an expansion in the company’s annual revenue of more than 50% from the end of FY16 to the end of FY18 – growth that has continued well into FY19. “This has been accompanied by an EBITDA turnaround from a $1.5 million loss in FY16 to earnings of $2.8 million in the half-year to December 2018. READ: Swift Media achieves first performance milestone based on room growth “Xavier’s vision and commercial acumen have driven the company’s multi-year evolution from a communications service provider focused on the Australian resources industry to a high-value advertising, content and media group operating in diverse and attractive end-markets. “My fellow directors and I would like to thank Xavier for his service, and we look forward to having him assist our imminent management transition.”
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