Cordel Group PLC - London-based artificial intelligence platform for transport corridor analytics - Chief Executive Officer Nick Smith resigns to take up new position as vice president for Europe & Middle East, effective Wednesday. Hires Non-Executive Director John Davis as interim CEO.

Chair Ian Buddery says: ‘Nick wishes to return to a pure growth-focused role, so the board has formulated a transition plan that will ensure continuity of delivery to customers and optimal performance for shareholder value [...] John Davis, who has been a non-executive director of the company since 2018, will step in as interim CEO whilst a considered and thorough search is undertaken for the next CEO. John brings extensive executive managerial experience and is already deeply engaged in our business.’

Incoming interim CEO Davis says: ‘We have set accelerated growth targets for the next 3 years and believe that a different skill set will be required from the CEO, who will be a person with a proven track record of managing at scale. Meanwhile, Nick’s sales experience will help to further our position as a technology leader in the UK and European rail industry. I join with Ian in thanking Nick for his past and future contributions.’

Outgoing CEO Smith says: ‘I have been honoured to lead the company through its evolution to rail data capture and analytics. Artificial intelligence is now recognised as one of today’s most important technology advances, helping railways to increase productivity, efficiency and safety for passengers and staff. We have made a significant impact already and the next stage will focus on achieving higher scale, with more customers in more regions.’

Current stock price: 6.50 pence, down 7.1%

12-month change: down 13%

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