Proactis appoints Tim Sykes as new chief executive

Proactis, which was considering a shortlist of candidates to replace Sykes as chief financial officer, will task its new chief executive with also manage the group's finances in the interim period.

Chairman Alan Aubrey said: "Tim has been with the Company since its float in 2006 and on a full-time basis as chief financial officer since December 2015.

"During this time, he has played a leading role in a number of key areas, including the shaping of the group's strategy, the group's M&A programme and the restructuring and shaping of the group's executive team. The Board has great confidence in Tim's ability to drive the business forward in his new role as chief executive officer."

The AIM-listed group also agreed that its outgoing chief executive would no longer be obliged to exercise his conversion rights over the 2% convertible unsecured loan notes issued as part of the consideration for its acquisition of Perfect Commerce.

Wall, who will remain with the group in a purely advisory capacity, will retain his interest in up to 246,212 ordinary shares and has also been granted an option over 300,000 shares at an exercise price of 10p.

In terms of trading, Proactis assured investors that it continues to perform in line with management's expectations.

As of 0925 GMT, Proactis shares had dipped 1.41% to 140p.