Companies 

SimplyBiz director to step down

SimplyBiz director to step down

A non-executive director of SimplyBiz will step down next week, with a replacement yet to be confirmed.

David Etherington will leave the company at the next board meeting, scheduled for December 17, to focus on other business interests.

A member of the Chartered Institutes of Financial Services and Marketing and the Institute of Export, Mr Etherington previously spent a decade at Zurich and served as its chief growth officer between 2008 and 2012.

Mr Etherington said he believes SimplyBiz Group has a "very exciting" future ahead of it.  

He said: "It has been a huge privilege to serve as a board member under Ken's leadership and to work with such an exceptionally talented senior executive team, whom I hold in the absolute highest regard.  

"My decision has been personally difficult given the high professional esteem I hold the team in and I wish the Group continued record breaking success."

A SimplyBiz spokesman said the search to appoint a replacement non-executive director had begun.

Ken Davy, SimplyBiz's chairman and founder, said: "David has been a long-standing supporter of the group, including through our recent successful IPO, and a pleasure to work with.

"We are sorry to see him go but understand his priorities and wish him every success in the future. A replacement for David will be announced in due course."

In September, SimplyBiz reported its profits had been hit by the cost of floating on the London Stock Exchange, posting an operating profit of £1.2m for the six months to the end of June 2018 - down from £3.9m for the same period last year.

The company said this had been caused by costs of £3.6m relating to its initial public offering earlier this year, which raised £30m for the company. 

rachel.addison@ft.com