Board Changes
GX Networks plc, the telecoms network operator and provider of business broadband solutions, announces that Mike Read, the Company's Managing Director, has been appointed Chief Executive Officer following the resignation of Grahame Purvis as Chairman and Chief Executive Officer, who stands down from the Board with immediate effect to pursue his other personal business interests. Peter Dubens, executive Vice Chairman, has been appointed as Executive Chairman of GX Networks.
Mike Read has spent over 20 years working at British Telecom in a variety of roles and went on to hold a number of senior management positions in US companies, including OneMain where, as COO, he managed the acquisition and integration of over 30 Internet businesses.
Commenting on Mike Read's appointment and Grahame Purvis's resignation, Peter Dubens, Chairman of GX Networks, said: "Not only is Mike a telecom industry veteran, but through his experience at OneMain and more recently his tenure as CEO of XO Communications' European businesses he has a unique understanding of the market in which we operate today.
We asked Grahame to stay on to oversee the merger between GX Networks and the former Zipcom and he has done a very good job. During the past 12 months he has implemented a significant streamlining process which has left the Company ready for the next phase of its development and the Board wishes him continued success in the future."
In a further reorganisation of the Board, Jon Richards, a non-executive director, has also announced his resignation. Christina Kennedy, the Company Secretary, takes a seat on the Board as a non-executive director, and Stewart Porter replaces her as Company Secretary. Stewart Porter remains as Chief Financial Officer.
Peter Dubens added: "We will continue our search for a new non-executive director and hope to make an announcement in the short term. With the roles of Chairman and CEO now split, we feel more comfortable in terms of corporate governance and believe we have the right team in place to take the Company forward."
Matters for disclosure under paragraph (f) of Schedule 2 of the AIM Rules with respect to the appointment of Michael David Read as Chief Executive Officer of GX Networks plc:
Full name: Michael David Read
Age: 55
Current directorships:
Monnet Limited
Voxsurf Limited
Directorships held within the last 5 years:
GX Networks Services Limited
GX Networks UK Limited
GX Networks Three Limited
GX Networks Four Limited
GX Networks Six Limited
GX Networks Nine Limited
GX Networks Ten Limited
GX Networks Eleven Limited
GX Networks Twelve Limited
GX Networks Thirteen Limited
Cyberpress Limited
Cyberpress Software Limited
Digital Communities Limited
Drive Memory Limited
Eurogold Internet Limited
Faultbasic Limited
Freedomainname Limited
Global On-Line Limited
Globalhost Limited
GXN Limited
Internet Technology Group (Europe) Limited
Internet Technology Group plc
Premier Internet Limited
MPie Limited
Total Internet Limited
Xara Networks Limited
There are no other matters that are required to be announced with regards to this appointment.
Matters for disclosure under paragraph (f) of Schedule 2 of the AIM Rules with respect to the appointment of Christina Lillian Kennedy as a non-executive Director of GX Networks plc:
Full name:Christina Lillian Kennedy
Age: 54
Current directorships:
Project Consultants Limited
Capital Returns Limited
Capital Returns Trustees Limited
Suds Limited
Unilon Nominees Limited
Directorships held within the last 5 years: Wayladon Limited
There are no other matters that are required to be announced with regards to this appointment.
FOR FURTHER INFORMATION PLEASE CONTACT:
Peter Dubens, Chairman
PIPEX Communications plc (formerly GX Networks plc)
Tel: +44 (0) 20 7766 6909
Web: www.pipexcommunications.net
Collins Stewart
Stuart Lane, Corporate Finance
Tel: +44 (0) 20 7523 8310
Web: www.collins-stewart.com
MEDIA ENQUIRIES:
| Juliet Clarke / Edward Bridges / Ben Way Financial Dynamics Holborn Gate 26 Southampton Buildings London WC2A 1PB United Kingdom | ||
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| Contact | Tel | |
| Juliet Clarke: | +44 (0)207 269 7288 | juliet.clarke@fd.com |
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| Edward Bridges: | +44 (0)207 269 7147 | edward.bridges@fd.com |
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| Ben Way: | +44 (0)207 269 7274 | ben.way@fd.com |
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