TIDMTUNG
RNS Number : 2376B
Tungsten Corporation PLC
09 June 2021
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
9 June 2021
Tungsten Corporation plc
("Tungsten" or the "Company")
Change of Chief Executive Officer
The board of Tungsten Corporation PLC (AIM:TUNG), a leading
provider of digital financial management products and software
solutions, announces that Andrew Lemonofides, Chief Executive
Officer, having overseen the recent transformation of the Company,
will be leaving Tungsten at the end of June and will step down from
the board with immediate effect.
Speaking about his departure, Andrew said, "It has been a
pleasure leading Tungsten in such extraordinary times and working
with such talented, dedicated and driven people. I joined in
September 2019 to build a solid foundation for growth, which is
what as a team we have achieved and so this is the right time for
me to hand over the reins for the next chapter in Tungsten's
journey."
Tungsten is also pleased to announce that Paul Cooper is joining
the Group as Chief Executive Officer with immediate effect. Andrew
will be working with Paul over the next few weeks to ensure a
smooth transition of responsibilities.
Paul Cooper joins Tungsten from NTT Limited, Europe's leading
provider of IT services, where he was most recently the Regional
Director for NTT in Europe, with ultimate strategic, operational
and financial responsibility for eleven European countries
generating annual revenues of $900M, encompassing 2500 employees.
He has spent a total of 21 years with Dimension Data and NTT (who
merged in 2019), initially joining Dimension Data in 1999 in
Australia as a member of the finance team. He moved to Dimension
Data UK in 2004 and was appointed as Chief Financial Officer for
Dimension Data UK in 2006. In 2011, Paul assumed the role of Chief
Operating Officer for Dimension Data UK, leading the company
through various continuous improvement and business transformation
programs. Paul was appointed Chief Financial Officer for Dimension
Data in Europe in October 2017, and before taking his most recent
role as NTT Regional Director, Europe in October 2019. Online
technology has been a cornerstone of his career.
Paul holds a Bachelor of Commerce degree from the Australian
National University, and also qualified with CPA Australia in
2001.
It is planned that Paul will join the board in the near future,
and other than that set out below, there is no further information
required to be disclosed under Rule 17 and Schedule Two, paragraph
(g) of the AIM Rules.
Tony Bromovsky, Chairman of Tungsten said, "On behalf of the
Board and the whole Company, I would like to extend a very warm
welcome to Paul. He arrives with a fantastic track record of
execution prowess, strong leadership and an impressive set of
relevant skills, and we look forward to working with him on the
next stage of Tungsten's journey.
"On behalf of the Board, I would like to take this opportunity
to thank Andrew for his leadership and his significant contribution
during his time with Tungsten. The Company has come through a very
difficult year with some promising end of year results, which
Andrew played a pivotal role in delivering and in transforming the
business to establish a firm platform for growth. We wish him every
success for the future."
Commenting on his appointment, Paul Cooper said, "I am really
excited about having the opportunity to work with the team and lead
Tungsten into the next phase of strategy execution. With digital
transformation accelerating through the course of the pandemic, the
client value of increased buyer and supplier connections on the
proven Tungsten Network is more compelling than ever."
Enquiries
Tungsten Corporation plc
Tony Bromovsky, Chairman
Ian Kelly, Chief Finance Officer +44 20 7280 6980
Canaccord Genuity Limited (Broker and Nominated
Adviser)
Simon Bridges/Andrew Potts +44 20 7523 8000
Tavistock Communications Financial PR & IR
Heather Armstrong
Jos Simson
Katie Hopkins +44 20 7920 3150
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) is the world's largest,
compliant business transaction network. A leading global electronic
invoicing and purchase order transactions network; Tungsten's
mission is centred on enabling a touchless invoice process allowing
businesses around the globe to gain maximum value from their
invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of
the Fortune 500. It enables suppliers to submit tax compliant
e-invoices in 50 countries, and last year processed transactions
worth over GBP195bn for organisations such as Caesars
Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk
Industries, Mondelēz International, Procter & Gamble, Shaw
Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has
offices in the US, Bulgaria and Malaysia, employing over 300
people.
Forward looking statements
This document contains forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading margins, market trends and our product
pipeline are forward-looking statements. Phrases such as "aim",
"plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. Any forward-looking statement is based on
information available to Tungsten as of the date of this statement.
All written or oral forward-looking statements attributable to
Tungsten are qualified by this caution. Tungsten does not undertake
any obligation to update or revise any forward-looking statement to
reflect any change in circumstances or in Tungsten's
expectations.
Additional Information
Paul Francis Cooper, age 46, is currently or has been a director
of the following companies within t he past five years:
Current Directorships Previous directorships
None Comtech Holdings NV
-----------------------------------------
Dimension Data N.A. Holding NV
-----------------------------------------
NTT Belgium NV
-----------------------------------------
NTT Czech Republic s.r.o.
-----------------------------------------
NTT Germany Holdings GmbH
-----------------------------------------
NTT Ireland Limited
-----------------------------------------
NTT Italia S.P.A
-----------------------------------------
NTT Luxembourg PSF S.A.
-----------------------------------------
NTT Magyarorszag Kereskedelmi es
Szolgaltato Kft
-----------------------------------------
NTT Netherlands B.V.
-----------------------------------------
NTT Netherlands Holdings B.V.
-----------------------------------------
NTT Poland sp zoo
-----------------------------------------
NTT Slovakia s.r.o.
-----------------------------------------
NTT Spain Intelligent Technologies
and Services S.LU.
-----------------------------------------
NTT Switzerland SA
-----------------------------------------
NTT United Kingdom Limited
-----------------------------------------
NTT United Kingdom Visual Communications
Ltd
-----------------------------------------
NTT Austria GmbH
-----------------------------------------
NTT Germany Verwaltungs AG
-----------------------------------------
Margolis Technology Limited
-----------------------------------------
Dimension Data Communications UK
Limited
-----------------------------------------
Dimension Data Communications (Services)
UK Limited
-----------------------------------------
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END
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