Myriad Group Announces Management Changes and Provides a Business Update Donnerstag, 10. Dezember 2015 - 18:00
Myriad Group Announces Management Changes and Provides a Business Update
ZURICH, Switzerland – December 10, 2015 – Myriad Group AG (SIX Swiss Exchange symbol: MYRN) today announces the appointment of Peter McCormack as Myriad’s Chief Financial Officer, as Richard Francis steps down from the position. Kate Criniti, General Counsel, who has been with Myriad for two years, is also joining the Executive Management Team.
Myriad Group today also provides a business update. Due to the accelerated market transition to smart phones, revenue expectations for the Device Solution division are reduced. The launch of the latest version of Versy towards the end of Q1 2016 - the primary growth focus - remains on track. The potential of Myriad’s Sub Data business will be further leveraged by committing additional resources to this business.
Management changes
Peter McCormack joined Myriad in 2010 and has been instrumental in restructuring the group’s activities and strengthening Myriad’s cash flow management. He has provided excellent support to the three operational business segments of the Group.
Richard Francis was originally elected to the Myriad Board in April 2013 and later stepped down to take the role of the Group CFO. He was instrumental in getting Myriad through a challenging period for the company and back onto a strong financial footing. Now that this task has been completed, he moves on and hands over to his successor who he has prepared to take this role over the course of the last year.
Stephen Dunford, Chief Executive Officer of Myriad Group commented: “We would like to thank Richard for his important contribution to the company and wish him every success in the future. We are pleased that we can ensure a smooth succession and would like to congratulate Peter on his appointment as the Group’s CFO at this exciting new phase for our company.”
Business update
As the company previously communicated, overall revenue for FY 2015 will be lower than for FY 2014. Whilst the Sub Data division remains on track for year-on-year revenue growth vs. FY 2014, preliminary financial information indicates that the Device Solutions division will show a larger than expected year on year decline vs. 2014. This is due to the accelerated transition to smart phones and reduced volume of high value deal sizes traditionally won by the Device business. While the Device Solutions division will cover its own direct costs, the reduction in expected revenues means that Device Solutions, when aggregated with Sub Data, will not be able to contribute fully to corporate overheads in FY 2015. The new version of Versy unveiled in October 2015 is its main focus and Versy is on track for launch by the end of Q1 2016.
Please click here more information on Myriad Group’s management team.
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