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(Alliance News) - Dillistone Group PLC said Wednesday its chair has stepped down as part of a company restructure.
At the start of the year, the recruitment industry software supplier underwent a "streamline" of its corporate structure - which included closing its London office.
Speaking on Wednesday, the company said: "The result will be a simplified structure of legal entities and team structures that have cross-group responsibilities, rather than the previous siloed approach which was the legacy of the acquisitions made by the group over its history. These changes will come into effect on December 31."
The costs of the restructure remain in line with the company's estimates of less than GBP600,000, and continue to be funded through its existing cash resources and a GBP500,000 loan agreed to in the summer.
The benefits of the group's reduced cost base will be seen from 2020 onwards, Dillistone added.
The newly combined business units will be trade under the name "Ikiru People". The company will however remain named Dillistone Group, however.
As part of the ongoing streamlining, Chair Mike Love will move to a non-executive director role, as current Non-Executive Director Giles Fearnley will assume the chair role.
The company said the change was so Love can give greater time to his other business interests.
In addition, Rory Howard and Alistair Milne will stand down from the board at the end of 2019 and Paul Mather and Simon Warburton will join the board from January 1.
Chief Executive Jason Starr said:"Dillistone has grown through acquisition so a step change in how those previously separate businesses operate was required. This reorganisation has already shown significant benefits and will be for the benefit of all stakeholders. With Simon and Paul stepping up to the main board, and with the reorganisation now largely complete, the board is very excited about the future."
Shares in Dillistone Group were untraded in London on Wednesday but last closed at 21.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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