The CEO of vehicle tracking technology company Quartix has stepped down after two years in the role.
Richard Lilwall has stepped down as chief executive of the London-listed firm and resigned his board position, the company announced on Tuesday evening,
Quartix founder and former CEO Andy Walters will become executive chairman with immediate effect.
Walters will be supported by its former CFO and COO, Dan Mendis, who will take the position of commercial and operations director in November.
Quartix did not provide a reason for Lilwall’s departure or any information on who will succeed him as CEO.
In a regulatory filing posted on the London Stock Exchange, Quartix said it “wishes him well in the future”.
UKTN has contacted Quartix and Lilwall for comment.
Founded in 2001, Quartix sells devices to monitor and track commercial fleets.
The company, which is headquartered in Newton, Wales, says its devices have been installed in over 600,00 vehicles and it has more than 20,000 fleet customers globally.
Quartix completed an initial public offering (IPO) on the London Stock Exchange’s AIM market in 2014 with a market capitalisation of £54.1m.
It currently has a public valuation of £73.3m. Quartix’s share price is down by nearly 48% since the start of the year.