Published on: August 10, 2023
Board and management restructure
Tern’s board and management have been significantly restructured following the AGM in late June, which did not approve the reappointment of CEO Al Sisto as a director. Al Sisto remains CEO but the board will be made up of non-executive directors, comprising experienced hires from within the business who will act ‘independently and in the interests of all shareholders’. Current executive management will continue its hands-on approach, proactively supporting growth via the team’s experience and sector expertise. The restructuring, together with other cost-saving measures, is expected to reduce central costs by c.40% in FY24 (vs FY22).