Altitude Group to part with longstanding board member Martin Varley

The AIM-traded promotional products industry technology provider said Varley has "shaped the vision and strategy of Altitude Group" since the company’s initial public offering in 2005, ensuring change in an industry "historically lacking innovation".

Varley previously served as group commercial director and group chief executive before moving to the part-time group president role in 2017.

Peter Hallett, non-executive chairman of Altitude, said: "Martin always made it clear to me that he saw himself as an entrepreneur, innovator and disruptor and not a line manager and his greatest contribution is undoubtedly the creation of a strong technology legacy."

In recent months, he has been engaged in developing the group's strategy and was instrumental in the appointment of Torch Partners as corporate finance advisors this month.

"Martin has also worked tirelessly to identify the people that would "move the needle" and with that team now in place and delivering against the strategy that has evolved, he is confident in being able to turn his attention fully to his family, philanthropic plans and his hobby of flying," said Hallett

As of 1458 BST, Altitude Group’s shares were down 2.21% at 88.50p.