StockMarketWire.com - GLI Finance has announced that interim chief executive Andy Whelan has been appointed as the company's permanent CEO.

The company said the board has considered the time commitment required for him to fulfil this role while continuing to drive forward Sancus, which has been a successful trading business for the company.

Sancus continues to trade ahead of plan and the Board does not wish to risk limiting its growth potential. The board is convinced that the structural changes being put in place within the bompany, together with an expanded management team within Sancus, mean that it will be possible for him to combine the roles without risking a loss of momentum within Sancus.

The bompany's executive team now comprises Andy Whelan as CEO, Emma Stubbs as chief financial officer, Marc Krombach as managing director and Louise Beaumont as head of public affairs & marketing.

At the end of last year, the company announced that it was starting a strategic review. The objective of the review is to determine the best utilisation of the company's human and capital resources to build shareholder value most effectively.

The company says it has identified a need to achieve the following goals in the short term:

a. Clarify and restate the Company's strategic objective;

b. Remove the risks of conflicts of interest;

c. Initiate measures to strengthen the balance sheet;

d. Ensure that positive cash flows are accessible by GLI

e. Initiate measures to reduce the cost base;

f. Remove unnecessary complexity;

g. Rationalise and invest in the Company's core businesses;

h. Improve communication to aid stakeholders' understanding of operations;

The company says the strategic review is substantive and thorough and it will continue to announce progress as it is made over the next 12 months.






At 8:17am: [LON:GLIF] GLI Finance Ltd share price was +0.88p at 28.88p



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