Littleboy replaces Dannatt in Optimisa shake-up

UK-- Research and competitive intelligence group Optimisa has replaced its CEO and is planning to de-list from the stock exchange, as business continues to struggle.

In an announcement to the stock exchange this morning, the firm revealed that Ron Littleboy, previously non-executive chairman, has taken the reins as executive chairman and CEO, with Simon Dannatt stepping down “to focus on service for key consulting clients and on North American business”. Dannatt will remain an executive director until October.

Jonathan Waters has resigned from the board, effective immediately, and will leave his role as company secretary at the end of July. Several redundancies have also been made across the group.

The group, which owns agencies including Buckingham, Quaestor and KAE: Marketing Intelligence, also said it will be seeking shareholders' approval to de-list from the AIM stock exchange, which it joined in 2005. “The board considers that the costs of remaining listed on AIM significantly outweigh the benefits,” it said.

Optimisa has blamed “extremely difficult” conditions for its recent disappointing results, and said the board changes were being made “as part of the steps taken to reduce fixed costs and to target operational changes to best position the company in current trading conditions”. It embarked on a cost-cutting drive last year, shelving expansion plans and putting acquisitions on hold.

Optimisa's shares closed today at 20.5p, having lost nearly 90% of their value since a year ago, when it first warned that its 2008 profit and revenue would fall significantly below expectations.

Author: Robert Bain

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