TIDMSEE
RNS Number : 2585B
Seeing Machines Limited
05 June 2019
05 June 2019
Seeing Machines Limited
Senior Leadership Transition
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the
"Group"), the advanced computer vision technology company that
designs AI-powered operator monitoring systems to improve transport
safety, announces a transition in its Senior Leadership
personnel.
Chief Executive Officer
Seeing Machines advises that Mr Ken Kroeger, Chief Executive
Officer ("CEO") and Executive Director, has resigned as CEO of the
Group and will also be stepping down from the Board of Directors
("Board"), effective immediately.
Mr Kroeger was appointed CEO in 2011 and has been pivotal in
evolving the Company into a recognised global leader in computer
vision, eye-tracking and driver monitoring technology. Seeing
Machines is now extremely well placed to capitalise on significant
large scale, mass market opportunities in the Automotive and
commercial fleet and transport industries.
In communicating his decision, Mr Kroeger has acknowledged that
the Company now requires a CEO who can commit, long-term, to the
successful delivery of the unique strategic opportunity that Seeing
Machines has established.
The Board advises that Mr Paul McGlone will act as CEO on an
interim basis.
Since joining the Group in 2018, Mr McGlone has led the Seeing
Machines Fleet business while conducting a detailed review of that
business's operations. Subsequently, Mr McGlone has formulated and
driven meaningful change which is transforming the business and
considerably enhancing the outlook for the Fleet division.
Mr Kroeger will remain as a consultant to the Group, to
facilitate an orderly transition, until such time as the Board
completes the process of appointing a permanent replacement for Mr
Kroeger. This process has already begun and is expected to be
completed shortly.
Board Leadership Transition
Additionally, the Group also advises that Mr Jack Boyer, OBE.
has relinquished his position as Chairman of Seeing Machines
Limited, effective immediately. Mr Boyer will remain on the Board
of Seeing Machines Limited as a Non-Executive Director and
facilitate the transition to a successor.
Mr Boyer has advised that his current and future Directorships
and other professional commitments have regrettably placed him in a
position where he is no longer able to dedicate the requisite time,
travel and energy to his Chairman role at Seeing Machines and has
consequently made the difficult decision to step down.
The Board advises that it has elected Ms Kate Hill as Interim
Chair to replace Mr Boyer, and she will act in this capacity while
the company undertakes a process to identify a permanent new Chair
of the Company.
Kate Hill, Interim Chair of Seeing Machines commented:
"Ken has been an integral part of Seeing Machines for more than
eight years. On behalf of the board, and personally, I would like
to convey our sincere thanks for his enduring dedication and hard
work over that time. He will be missed both personally and
professionally and we look forward to celebrating his contribution
in the remaining time he will spend with the Group.
The board is also delighted that Paul has agreed to act as CEO
on an interim basis. Seeing Machines is in the fortunate position
of having an executive of Paul's calibre in its ranks to step up at
this time. Paul has a proven commercial track record, is highly
respected, and has established strong rapport with the management
team while leading the ongoing turnaround of the Fleet
business.
Finally, on behalf of the board I would like to thank Jack for
his valuable contributions to the Group as Chairman and look
forward to leveraging his skill and experience moving forward. The
board would like thank him for his role in overseeing a
restructuring of the board and management team as well as the
recent fundraising that positions the company for future
growth."
Enquiries:
+61 2 6103
Seeing Machines Limited www.seeingmachines.com 4700
Paul McGlone - Acting CEO
Sophie Nicoll - VP, Marketing & Communications
Cenkos Securities plc (Nominated Adviser) +44 131 220
Neil McDonald/Beth McKiernan/Pete Lynch 6939
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
About Seeing Machines - www.seeingmachines.com
Seeing Machines (LSE: SEE), a global company headquartered in
Australia, is an industry leader in computer vision technologies
which enable machines to see, understand and assist people. The
Company's machine learning vision platform has the know-how to
deliver real-time identification and understanding of drivers
through Artificial Intelligence (AI) analysis of heads, faces and
eyes. This insight enables Driver Monitoring Systems (DMS), which
monitor driver/operator identification and attention and can detect
drowsiness and distraction across multiple transport sectors.
Seeing Machines develops DMS for the Automotive, Commercial
Fleet, Aviation, Rail and Off-Road markets. The Company has offices
in Australia, USA, Europe and Asia, and delivers multi-platform
solutions to industry leaders in each vertical.
DMS is becoming a core safety technology integrated into ADAS
offerings for the automotive industry, particularly with the
development of semi-autonomous and self-driving cars. DMS is also
increasingly seen to be an integral safety feature across the
Commercial Transport & Logistics industry and is set to be
become a regulatory requirement for all cars, vans, trucks and
buses in Europe from 2022, with the rest of the world expected to
follow soon after.
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END
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