Reseller boss Adam Binks steps down as Sysgroup CEO after five years

Binks steered the AIM-listed partner through multiple acquisitions and covid revenue decline

Adam Binks is stepping down as CEO from AIM-listed reseller SysGroup.

Binks held the top job for five years during which the company claims he saw the business "treble in size".

Binks will step down from the board on 26 June 2023, following the announcement of the Group's full year results for the year ending 31 March 2023.

Binks joined Sysgroup in 2014 as chief operating officer, later becoming the youngest CEO on the AIM submarket of the London Stock Exchange in 2018.

He worked on developing the company from a managed services provider to a technology solutions specialist, the firm says.

During his tenure he closed multiple acquisitions including Certus IT, Hub Network Services, Orchard Computers and Truststream.

However, his run did not pass without challenges.

In its June 2022 results, Sysgroup reported a 19 per cent decrease in revenue, down to £14.75m from £18.13m - mainly blamed on the effects of the COVID pandemic. Those results that earned them a place amongst CRN's worst-performing publicly listed resellers.

But in H1 2023, the company was back to growth with a 49 per cent increase in revenue up to £11.32m from £7.58m.

Looking ahead

Heejae Chae will join the board as executive chairman following announcement of the Company's FY23 Results.

Chae was previously Group Chief Executive Officer of Scapa Group plc and Volex Group plc. He is currently the chairman of the remuneration committee at IP Group plc.

Binks said about his resignation: "I've thoroughly enjoyed my tenure at SysGroup, the last five years of which as CEO.

"Together with the team, we have built a solid business which can be used to bolt-on further acquisitions and continue to grow organically and I am looking forward to seeing SysGroup go through its next stage of growth under Heejae's leadership.

"Finally, I would like to personally thank all of my board colleagues, the shareholders and the wider SysGroup team for their continued support over the years."

Michael Edelson, non-executive chairman commented: "On behalf of the Board I would like to thank Binks for his unswerving commitment during his tenure at SysGroup.

"He has demonstrated excellent leadership through extremely challenging times, especially through recent events and his experience and knowledge of both the technology sector and capital markets has proved invaluable.

"I know I speak for all stakeholders by wishing him well for the future. The Board is grateful for Binks' work these past nine years."