Board changes for Flamingo AI, new Chair appointed

By Megan Graham. Published at Aug 27, 2018, in Technology

Flamingo AI Limited (ASX:FGO) has updated the market on changes to its board, including the appointment of John Murray as Non-Executive Chairman, effective 1 October 2018.

Murray has 25 years’ international experience in private equity and venture capital and was a co-founder and Managing Partner of Technology Venture Partners in 1997 — one of the original and leading venture capital firms in Australia.

He brings 12 years’ experience in executive roles in corporate banking, accounting and IT services industries, and is currently non-executive Chairman of ASX-listed PainChek Ltd, which has developed an AI-based pain assessment technology for global markets.

Murray is a past chairman of the Australian Venture Capital & Private Equity Association and has considerable experience as an investor as well as a non-executive director of technology companies with an international focus. According to FGO’s announcement, he “possesses a broad understanding of global trends in technology and their impact on a variety of industries including financial services”.

Murray is a member of the Institute of Chartered Accountants of Scotland, and the Australian Institute of Company Directors, and also has an Honours degree in Law from Edinburgh University.

The company has agreed to issue four million Class H Performance Rights and four million Class I Performance Rights to Murray as part of his negotiated package and to align his interests with shareholders.

Resignation of Bryn Hardcastle

FGO has also informed the market that Bryn Hardcastle resigned from the board due to other work commitments, effective immediately.

Hardcastle was a Non-Executive Director of FGO since it re-listed on the ASX in November 2016 and acting Chairperson since 1 July 2018.

The company stated that Hardcastle has been instrumental to its early stage growth and development.

FGO CEO & Founder, Dr Catriona Wallace commented on the news: “We are extremely pleased with the appointment of Mr Murray to the Chair role. John brings an enormous amount of experience in both the capital markets and growing technology companies globally. I very much look forward to working closely with John to lead the company through its next growth phases.”

Dr Wallace also noted, “Mr Hardcastle has greatly contributed to the success of the Company to-date. Bryn’s guidance and advice has been invaluable to the Company. We wish Bryn the very best.”

It should be noted however that this remains a speculative stock and investors should seek professional financial advice if considering this stock for your portfolio.

In July, the company provided a comprehensive business update, stating that it was well funded to deliver against its current goals and “remains highly confident in being able to deliver significant value to its clients, their end customers and investors”.

Across the US, Australia and Asia, the small cap reporting having 10 clients progressing through paid trials or software and services contracts.

The current focus for FGO is predominantly on large insurance enterprises, with its sights set on three Fortune 100 firms in the US.

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