Christie Group PLC on Tuesday said that Chair & Chief Executive Officer David Rugg stepped down with immediate effect, while the company’s share price improved in morning trading.

The London-based financial, inventory and systems services provider said Chief Operating Officer has been appointed as the new CEO, while Simon Herrick, one of Christie’s two non-executive directors, will assume chair responsibilities on an interim basis.

Christie shares were up 5.1% to 149.70 pence each in London on Tuesday morning.

Christie said Herrick’s interim promotion provides cover while the board begins the process of identifying and appointing an independent non-executive chair.

The group expects to incur ‘some one-off exceptional costs’ in 2023 due to Rugg’s departure and his employment contract.

Christie said it expects to release its financial results for the six months that ended June 30 in September.

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