SysGroup CEO to step down after five years
Adam Binks was the youngest chief executive on the Alternative Investment Market when he took the helm at SysGroup in Liverpool in 2018 – now he is stepping down. Tony McDonough reports
Adam Binks is stepping down as chief executive of Liverpool IT services after five years in the role.
When he took the helm at the AIM-listed firm in 2018 he was the youngest CEO on the AIM index. During his five years in charge the business has trebled in size. In April it reported a 47% rise in revenues to £21.6m for the year to March 31.
Adam joined the business in 2014 as chief operating officer. He transformed it from a fledgling managed services provider to a technology solutions specialist built for the UK mid-market.
He led a £10m fundraising in 2019, ahead of closing multiple strategic acquisitions including Certus IT, Hub Network Services, Orchard Computers and Truststream.
Following the announcement of the full-year results on June 26, Adam will immediately step down. Heejae Chae will join the board as executive chairman.
Heejae’s appointment is subject to regulatory approval and a further announcement will be made in due course. He was previously group chief executive of Scapa Group plc and Volex Group plc. He is currently the chairman of the remuneration committee at IP Group plc.
On HeeJae’s appointment to the board, current chair Michael Edelson will step down to become a non-executive director of SysGroup.
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Adam Binks said: “I’ve thoroughly enjoyed my tenure at SysGroup, the last five years of which as CEO.
“Together with the team, we have built a solid business which can be used to bolt-on further acquisitions and continue to grow organically and I am looking forward to seeing SysGroup go through its next stage of growth under Heejae’s leadership.”
Michael Edelson added: “On behalf of the board I would like to thank Adam for his unswerving commitment during his tenure at SysGroup.
“He has demonstrated excellent leadership through extremely challenging times, especially through recent events and his experience and knowledge of both the technology sector and capital markets has proved invaluable.”