NXQ Nexteq Plc

24 July 2024

Nexteq plc

("Nexteq" or the "Group")

Board Transition

Nexteq (AIM: NXQ), a leading technology solutions provider to customers in selected industrial markets, today announces a transition in its Board of Directors. 

Francis Small (Non-Executive Chair), Jon Jayal (Chief Executive Officer) and Johan Olivier (Chief Financial Officer) have informed the Board that they will step down from the Board and leave the Group in the coming months. Francis, Jon and Johan intend to continue in their roles until successors have been identified and to facilitate an orderly handover.

Processes are already underway for the selection of successors for these roles, and it is anticipated that the appointment of the new independent Non-Executive Chair will be announced shortly. Further announcements will be made in due course.

Jon Jayal, CEO of Nexteq, commented:

"I am incredibly proud of what we have achieved at Nexteq and of our team of talented people.  Having considered the decision carefully for a number of months, I believe that now is the right time for me to seek new opportunities and for the Board to introduce new leadership with fresh skills and experience to drive the next stage of the Company's development.  I look forward to supporting the Group through this transition."

Francis Small, Non-Executive Chair of Nexteq, commented:

"The Group has achieved considerable success in recent years, thanks to the hard work of a highly skilled and dedicated team of people.  I look forward to supporting the Group through an orderly handover and to the Group's continued progress."

Johan Olivier, CFO of Nexteq, commented:

"It has been a privilege to be part of the Nexteq team, working alongside our committed and talented people. Nexteq has been a great place to work and I am incredibly proud of what we have achieved. I've given this a lot of thought but consider that now is the right time for me to seek my next opportunity. I look forward to supporting the Group through the handover in the coming months."

Nick Jarmany, founding Director and Deputy Chair of Nexteq, commented:

"Whilst I am sorry to see Francis, Jon and Johan leave, I respect their decisions which have been carefully considered over some time and I am looking forward to welcoming new leadership to Nexteq to support our growth strategy.

I would like to thank Francis for his contribution to the business. Francis has proficiently led the Board and provided the business with vital support and counsel over the last three years. His experience and insight have been valuable as we navigated through the evolving macroeconomic landscape. I wish Francis well in his future endeavours.

As CEO, Jon has led the business and navigated the opportunities and challenges we face expertly. We continue to benefit from his knowledge and experience as we support our customers with innovative specialist solutions to help them achieve their ambitions. While we will be sorry to see him go, we believe there will be fresh opportunities unlocked by new leadership in supporting the Group's next chapter of growth.

Johan has been a great executive partner to Jon and has contributed immensely to improving our financial discipline. Johan has been a vocal and active Board member providing lateral thinking to evolve and enhance our strategy and decision-making. We wish Johan well in his next role."

About Nexteq

Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in selected industrial markets. Its innovative technology enables the manufacturers of global electronic equipment to outsource the design, development and supply of non-core aspects of their product offering. By outsourcing elements of their technology stack to Nexteq, customers can focus their product development effort on the most critical drivers of their business' success.

Our solutions are delivered through a global sales team and leverage the Group's electronic hardware, software, display and mechanical engineering expertise. Our Taiwan operation is at the heart of Asian supply networks and facilitates cost effective manufacturing and strategic supply chain management.

The Group operates in six countries and services over 500 customers across 47 countries.

Nexteq operates two distinct brands: Quixant, a specialised computer platforms provider, and Densitron, leaders in human machine interface technology, each with dedicated sales, account management and product innovation teams. Founded in 2005, and later floating on the London Stock Exchange's AIM stock market as Quixant plc, the Group rebranded to Nexteq in 2023.

Further information on Nexteq and its divisions can be found at www.nexteqplc.com.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.