Kip Mcgrath have announced a new Chairman this morning to take over on 1 June 2024. The new man is Damian Banks, who is the current chairman at Vection Technologies (VR1) and a director at Boom Logistics Limited (BOL) and IMEXHS Limited (IME).

This feels a little unfair but after a quick review Vection is down 10% in 6 months, Boom is down 22% in 2 years and IMEXHS is down 68% in 3 years since Damian's appointment at these businesses. Not exactly a lights out showing!!

I note that well regarded investors DMX asset managers had been pushing for a change at board level for some time now, so hopefully they were involved in some way and hold Mr Banks in a higher regard.

Overall any renewal at board level for a business that has underperformed in the last 12 months is something I'm supportive of, but hopefully they've picked the right guy!

Held in RL. Recently sold in SM