Following its final results statement released this morning, London Capital Group Holdings plc (LON:LCG) has announced a change to its board of directors.
The transformation of the company, which started following the arrival of new senior management in the second half of 2014 following the refinancing of the firm by Charles-Henri Sabet, is now at an advanced stage and the company has stated that a clear strategy for achieving sustainable growth is in place.
Having reached this stage of its development the Company has decided it is appropriate to now have 2 individuals in the key roles of chairman and chief executive.
The firm has replaced of 75% of its staff since the arrival of new management in September which equates to around 50 new hirings from across the industry, including the replacement of all former senior management.
LeapRate discussed this exact subject with Mr. Sabet upon the completion of the financing initiative to the tune of $17 million which resulted in Mr. Sabet becoming Chairman of London Capital Group, at which time Mr. Sabet indicated that new blood is critical to the company’s future direction.
LCG today announces that Dr. Charles Poncet, non-executive director, has been appointed as non-executive chairman of the Company and that Mr. Charles-Henri Sabet, currently executive chairman, will assume the role of Group chief executive officer.
Dr. Poncet is an international arbitration specialist based in Geneva and has been a practicing lawyer for over 25 years.
He has appeared in several cases concerning large scale investments, joint ventures and other disputes, often involving amounts in dispute in excess of one billion USD. He is a partner in CMS von Erlach Poncet, one of Switzerland’s leading law firms and a member of the CMS network.
Dr. Poncet is also currently chairman of SOGEMCO SA and a director of Société des Hôtels Président, as well as having been a member of the Swiss Parliament from 1989 to 1995.
He joined the LCG’s board in November last year as a non-executive director, and is now taking an executive position.
The Company also announces that Nicholas Lee, non-executive director, has been appointed as senior independent non-executive director.
The changes take place with immediate effect.
Mr. Sabet has been executive chairman of the Company since he joined the Board on September 3, 2014 and since that time has been driving forward a strategy to transform the business.
The Board’s priority remains to continue to push ahead with the execution of its strategy for sustainable growth as the Company moves to the next stage of its development, focusing on the delivery of its new products and offerings across its chosen markets together with an expansion into overseas territories.