(Alliance News) - MBH Corp PLC on Friday announced key changes to its board and said it will sell four companies in a bid for growth.
The London-based investor in small to medium enterprises across multiple geographies and sectors said seven board members will resign Friday, among them chief executive officer Victoria Sylvester and chair Callum Lang.
The two are replaced by Paul Seabridge who serves as executive chair and CEO from Friday. Seabridge has a 23-year career to date and sold his first business at the age of 21. "Due to his extensive career in mergers and acquisition, Paul has been involved in many joint ventures and special purpose vehicles related to his previous endeavours," MBH said.
Further, CFO Susan Kwok will step down from her role at the company at the end of the month, with her replacement to be announced next week.
Mo Miah joins the MBH board and leadership team as executive director. Miah is currently chief financial officer at Falcon Recreation Group and serves as CFO at MBH Leisure Vertical. Falcon Recreation holds 786,819 shares in MBH, to which new MBH Executive Chair and CEO Paul Seabridge is a controlling shareholder which represents 20%.
Meanwhile, MBH company will sell four companies, namely Acacia Training, Academy 1 Group, Logistica Holdings and Samuel Hobson, subject to regulatory approval.
MBH said the changes are focused on supporting growth plans and long-term objectives.
Outgoing MBH CEO Victoria Sylvester said: "I am confident that Paul and his new team are well positioned to deliver long-term growth and value for all stakeholders."
MBH shares were flat at 53.62 pence each on Friday at the AQSE in London.
By Tom Budszus, Alliance News reporter
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