SnackTime reveals new identity and chief executive

15th Apr 2016 13:20

(ShareCast News) - SnackTime unveiled a new identity on Friday, planning to name itself and its operations under the Uvenco trademark, as it ushered in a new chief executive.The AIM-traded company said the rebranding would affect both SanckTime and its vending division subsidiaries VMI and Simply Drinks.A special resolution to rename the group will be put to shareholders at its annual general meeting in late May. The rebranding of the vending division will commence immediately, the board said, and should be finished by the end of the year.SnackTime's board said the rebranding reflected the increasing financial, operational and technology support it was enjoying from its main shareholders - Boris Belotserkovsky and the Concert Party - since they first became involved two years ago.The Uvenco brand was controlled by Belotserkovsky, and would be licensed to SnackTime under an agreement involving a payment of either £250 per quarter when EBITDA was less than 20% of revenues, or 1% of revenues otherwise.At the same time, SnackTime announced the appointment of Sergei Kornienko as chief executive officer, with immediate effect."We are exceptionally fortunate that Sergei has been able to step up to the position of CEO at such short notice," said non-executive chairman Jeremy Hamer.!Sergei is a strong operator with enormous experience of vending and a clear vision of what SnackTime can become. I look to the future with a great deal of confidence."Kornienko was appointed as a non-executive director of SnackTime in January 2015, with the board saying he had extensive experience in the vending industry."I am extremely proud to have been appointed as chief Executive officer of SnackTime. The Company has fought its way through a difficult period, but with the strong support of its shareholders and commitment of the staff is now poised for an exciting period of development," Kornienko said of his appointment."I have no doubt that we are well placed to become the leading UK vending operator over the next few years."