[Nick Hargrave]

https://www.londonstockexchange.com/news-article/BIDS/board-changes/15775051

A bit to unpick from this, so here goes with purely my opinion.

It’s never a good look releasing news between mas as New Year as people assume you’re trying to sneak something out while it’s quiet, and the departure of a founder is optically not a good look for a company seemingly on the brink of inflection. However, Fran had already been replaced as CTO and the MD role was a bit minister without portfolio for a founder. With Camila coming in as a true COO there really was no role left. It’s tough at the top and I think he ran out of additional value to add and now the salary is off the payroll.

The Camila and Doug appointments looks like there are now 2 adults on the board. Now if only Donald Stewart and Glen Calvert, who I feel do not add value for their fees, and in Donald’s case have demonstrably destroyed value, can be replaced and the chairman upgraded we might get somewhere. It will be interesting how or if the appointment of Doug has impacted the Azerion relationship or whether that situation is now resolved which has allowed the announcement of Doug on the board. In any event, Irdeto have secured their position as a potential takeover candidate / blocker

With no update on 2022 trading, we should be able to assume that the company has met expectations for the year as they haven’t had to announce a profit warning as in previous years. Fingers crossed they haven’t saved a last day of the year unhappy surprise for tomorrow, but Doug is happy to join the board before the year end and take directorial responsibility for the 2022 numbers so that should also provide comfort

Topic