archTIS Ltd (ASX:AR9) continues its business optimisation process following the recent successful capital raising with the board and management arrangements streamlined and a new advisory group formed.
This involves reducing the number of directors from six to three and establishing a strengthened strategic advisory capability through the formation of an advisory group led by former board chair and non-executive director, Stephen Smith.
Effective from August 1 the company's streamlined board will comprise Dr Miles Jakeman AM, Leanne Graham and CEO Daniel Lai.
This will free-up Bruce Talbot, a founder and former executive director, to focus solely on technology enhancements in support of new growth opportunities within the business.
Former non-executive director Wayne Zekulich, together with retired Brigadier Alison Creagh AM CSC and corporate finance and M&A specialist Jeremy Waine, will join Smith as members of the advisory group.
Jakeman, who co-founded and was the CEO of Australian software and technology success story, The Citadel Group Limited, has been appointed board chair.
During his time as Citadel CEO, he grew the business from start-up to a company with more than 300 employees and a market capitalisation of $400 million.
Former board chair and non-executive director Stephen Smith said: “Miles has proven himself to be a highly effective board member during his time at archTIS.
“His extensive experience with listed technology companies and broad investor network will be critical to archTIS as the company enters its next phase of growth and development.
“Miles is ideally placed to help ensure management continues to grow the archTIS client list and pipeline off the back of our recent successful capital raising.”
The advisory group members bring a mix of corporate finance, investment, strategy and leadership skills as well as a deep understanding of the archTIS business and the broader cybersecurity industry.
Smith has been instrumental in leading archTIS over the last two and half years through its IPO and recent capital raising and will now lead the advisory group.
He said: “As chair I have been very pleased to guide archTIS as it has evolved from a private company providing cybersecurity services to Australian Defence at Top Secret level to an ASX-listed company providing services to a range of Commonwealth Agencies and to the private sector.
“I look forward to continuing with the company in my new role on the advisory group.
Zekulich and Talbot have also stepped down from the board, with Zekulich to continue as a member of the advisory group.
“With a new financial year upon us and the company in a strong position following the recent capital raise, the management team are very well positioned to capitalise on the momentum built over the last 12 months," Zekulich said.
“Like Stephen, I look forward to continuing to help archTIS grow as a member of the advisory group.”
Retired Brigadier Alison Creagh AM CSC GAICD and corporate finance, investment management professional Jeremy Waine will also join the group.