Tuesday, 10 November 2009

Sadiq departs Innovation Group

(By Richard Holway 5.00pm Tues 10th Nov 09) The Innovation Group (TIG) announced this afternoon that Hassan Sadiq has “stepped down as both Director and CEO and has left the Group”. Andy Roberts has assumed the role of Exec Chairman until Russell Reynolds finds a new CEO.

This year has already seen Geoff Squire steps down as Chairman of Innovation (see HotViews 6th Jan 09) and Andy Roberts takes chair at Innovation (Hotviews 9th Mar 09). A clear changing of the old guard.

Judging by the emails I’ve had, they all agree with George O’Connor at Panmure Gordon who wrote “News that CEO Hassan has stepped down should be greeted favourably”. Although the shares have fallen 2% to 12p on the news. This is getting further and further away from the offers supposedly made for Innovation by various private equity groups this year. Indeed, further and further away from the 30p the shares reached earlier in the year. No wonder shareholders are 'frustrated'.

I’ve known Roberts (who also chairs Kewill) for many years and he’s a very able pair of hands. Innovation actually has a lot going for it if steered correctly. It also needs to get its message over more clearly. So I too would view today’s developments favourably.

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