NetScientific CEO stands down to assist with cost reduction efforts

25th Apr 2019 08:48

(Sharecast News) - NetScientific chief executive François Martelet will depart the group on 30 April in order to assist the company in reducing its central costs and to pursue other career opportunities.The AIM-listed outfit's chief financial officer and company secretary Ian Postlethwaite will now combine his existing roles with that of chief executive.Chairman Richard Sykes said: "The board would like to put on record its gratitude to François for his leadership of NetScientific since 2015 in a challenging IP commercialisation environment and wishes him every success in his future interests."We will seek to make the most of our reduced central costs with the aim of maximising the potential in our remaining portfolio companies."Elsewhere, NetScientific revealed that the lease on its London headquarters was terminated on 29 March as it continues to review all other activities in order to manage its cash resources effectively.As of 0845 BST, NetScientific shares had tumbled 18% to 8.20p.