- Wednesday, October 16, 2024
Tern PLC, a prominent investment company specializing in the internet of things, recently announced that Chief Financial Officer Sarah Payne will be stepping down from her role and company secretary position on or before Sept. 30. Payne has decided to join another company, prompting Tern PLC to implement significant management changes and cost-cutting measures.
Despite her departure from the CFO position, Payne will remain on Tern PLC's board as a non-executive director. The company plans to appoint a part-time CFO who will not be a part of the board, emphasizing its commitment to maintaining effective financial leadership.
In addition to Payne's departure, Investment Director Matthew Scherba and Business Development Director Bruce Leith have both resigned from the board. Scherba will be assuming the position of chief executive at Konektio.
As part of its cost-cutting initiatives, Tern PLC intends to move to a more affordable office space. These measures are projected to reduce the company's central costs by 40% in 2024 compared to the levels recorded in 2022.
Non-executive Chairman Ian Ritchie acknowledged the shareholders' desire for decreased central costs while emphasizing Tern PLC's dedication to actively engaging with its investee companies and driving value for investors.
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