The Board of Imagination Technologies Group plc (LSE: IMG, “Imagination” or “the Group”), a leading multimedia, communications and embedded processor technology company, announces that Trevor Selby, Chief Financial Officer, has informed the Board of his intention to step down as a director of the Group as at 30 June 2011, after serving on the Board for over 15 years. He has agreed to continue with the Group for the remainder of 2011, in order to effect a smooth transition and provide support to the business before pursuing personal interests in due course.
The Board is pleased to announce that Richard Smith is joining the Group today and with effect from 1 July 2011 will take over from Trevor as Chief Financial Officer and will join the Board.
Until March 2011 Richard was Chief Financial Officer of ACIS, a leading provider of technology solutions to the transport sector which was acquired by Vix Technology in August 2010, having previously been a portfolio company of The Carlyle Group.
From 2006 to 2008 Richard was Finance Director of RFI Global Services, a company backed by Close Ventures that provides testing and consultancy services to the cellular, electronics and smartcard industries. From 2000 to 2006 Richard worked in the finance team at Vodafone, becoming Head of Finance for the Enterprise Business Unit in 2004. Prior to this he spent three years as Financial Controller for Porsche Cars Great Britain.
Richard qualified as a Chartered Accountant with Price Waterhouse in 1995 and holds an MA in Economics from Cambridge University.
Geoff Shingles, Chairman of Imagination, said:
“Trevor has made a huge contribution to the growth, development and success of Imagination since he joined us in 1996. We thank him for all his efforts. The Group has become a leading technology company with worldwide market reach and he played a vital part in this evolution.
“When a team member who has been so deeply involved leaves they are inevitably missed, but we are delighted that we have found such a strong replacement as Richard Smith and that Trevor will be working closely with him for the rest of the year to create a seamless handover.”
Hossein Yassaie, CEO of Imagination, said:
“Trevor has been a great CFO and supportive colleague for the many years that we have worked together in developing Imagination. He has become a good friend and will certainly be missed. I wish him the best for the future and I am sure he will remain both a friend to Imagination and personally.
“I welcome Richard, who brings the right experience and comes with similar values and culture to Imagination and look forward to working with him as we take the Group through its next stage of development and growth.”
Imagination Technologies Group PLC
Geoff Shingles, Chairman
Hossein Yassaie, CEO
Tel: 01923 260511
College Hill Associates
Adrian Duffield/Kay Larsen
Tel: 020 7457 2020