Seeing Machines Limited Leadership Changes (3970E)

TIDMSEE

RNS Number : 3970E

Seeing Machines Limited

04 July 2019

4 July 2019

Seeing Machines Limited

Leadership changes

Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces the following leadership changes.

Paul McGlone, currently General Manager of the Fleet division and interim Chief Executive Officer (CEO), has been appointed CEO on a permanent basis with immediate effect. He will join the board as an executive director.

Paul has significant experience in management, public company leadership as well as logistics, supply chain management and technology driven businesses.

Luke Oxenham, CFO, has informed the board of his intention to resign as a director and to leave the Company at the end of July to pursue an opportunity in his home town of Sydney.

Michael Cameron, an experienced CFO with significant listed company experience, has been appointed interim CFO while a formal process is undertaken to find a permanent replacement. Michael has most recently been engaged with KPMG's CFO Advisory Services and specialises as an interim CFO. Prior to that he was CFO of Alltype Engineering Pty Ltd for over six years. He is a Chartered Accountant, holds an Executive MBA, and is a graduate of the Institute of Company Directors. Michael is expected to start immediately and will work with Luke in the coming four weeks to ensure an orderly transition.

During his time as interim CEO, Paul McGlone has reset the Company's strategy to continue to build market share across the Automotive and Fleet divisions in the near term, whilst also leveraging its significant Intellectual Property (IP) across a number of other transport verticals. Some senior leadership changes have been implemented to effect these changes.

Dr Mike Lenné will succeed Paul McGlone as GM of Fleet and has been appointed SVP, Fleet and Human Factors. Mike has established the Company's unique Human Factors approach over the past five years, developing and mining significant datasets to validate and inform the ongoing advancement of Seeing Machines' industry leading platform technology. He has led numerous public private partnerships to achieve this and has a deep understanding of the Fleet business and the Guardian product. Mike's global reputation as a preeminent expert in driver safety, as well as his sound commercial competence, will ensure Guardian continues to deliver on driver safety across the global fleet industry while providing improved returns to Seeing Machines. Mike will continue to influence the global driver safety agenda as Human Factors lead, as well as maintain crucial relationships with customers, partners and regulatory bodies around the world.

Ryan Murphy, COO and Company Secretary, will relinquish the role of Company Secretary to enable him to broaden his focus as COO to include leveraging the Company's IP assets which will allow Seeing Machines to pursue profitable business across a wider range of customers, more rapidly. This will involve working with various customers and partners to explore potential new revenue streams across the Company's existing markets.

Susan Dalliston, Seeing Machines' General Counsel, will assume the role of Company Secretary from Ryan Murphy, effective immediately. Susan is an experienced Company Secretary, and will continue to work with Ryan to ensure a smooth transition.

Kate Hill, Interim Chair of the Board, commented:

"On behalf of the Board, I am delighted to welcome Paul to the position of CEO. Paul is already well established in the business, has strong relationships with the management group and has developed a deep understanding of the technology since he joined us in 2018. During his time at Seeing Machines, he has clearly demonstrated the qualities required to steer the Company successfully through the next, highly promising phase of its growth.

"The executive changes are critical to allow us to deliver on our reset strategy, and we are fortunate to be able to welcome Mike, Ryan and Susan to their expanded roles within the business.

"We thank Luke for his contribution to Seeing Machines, in particular for the continued maturing of the finance function under his leadership, and wish him success in his new role.

"Personally, I look forward to working closely with Paul and his team to deliver value to shareholders through maintaining a clear focus on the needs of our employees, customers and partners."

Enquiries:

 
                                                          +61 2 6103 
 Seeing Machines Limited www.seeingmachines.com                 4700 
 Paul McGlone - CEO 
  Sophie Nicoll - VP, Marketing & Communications 
 
 Cenkos Securities plc (Nominated Adviser and Broker) 
  Neil McDonald 
  Beth McKiernan                                         [phone] 
  Pete Lynch                                                    6939 
 

Save for the information set out herein, there are no further disclosures to be made in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies in respect of the appointment of Paul McGlone.

 
 Full name                            Paul Andrew McGlone 
 Age                                  54 
                                     -------------------- 
 Current directorships:               None 
                                     -------------------- 
 Prior directorships from previous    Impeto Pty Ltd 
  5 years: 
                                     -------------------- 
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation

(EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to

be in the public domain.

About Seeing Machines - www.seeingmachines.com

Seeing Machines (LSE: SEE), a global company headquartered in Australia, is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company's machine learning vision platform has the know-how to deliver real-time identification and understanding of drivers through Artificial Intelligence (AI) analysis of heads, faces and eyes. This insight enables Driver Monitoring Systems (DMS), which monitor driver/operator identification and attention and can detect drowsiness and distraction across multiple transport sectors.

Seeing Machines develops DMS for the Automotive, Commercial Fleet, Aviation, Rail and Off-Road markets. The Company has offices in Australia, USA, Europe and Asia, and delivers multi-platform solutions to industry leaders in each vertical.

DMS is becoming a core safety technology integrated into ADAS offerings for the automotive industry, particularly with the development of semi-autonomous and self-driving cars. DMS is also increasingly seen to be an integral safety feature across the Commercial Transport & Logistics industry and is set to be become a regulatory requirement for all cars, vans, trucks and buses in Europe from 2022, with the rest of the world expected to follow soon after.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCZMGGNFFKGLZM

(END) Dow Jones Newswires

July 04, 2019 02:00 ET (06:00 GMT)