01/05/2017 - 15:14

Cycliq founders step aside

01/05/2017 - 15:14

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Five months after listing on the ASX, the founders of Leederville-based bicycle accessories maker Cycliq have stepped back from their executive roles as part of a leadership restructure.

Cycliq founders step aside
Cycliq founders Andrew Hagen (left) and Kingsley Fiegert are stepping down from the board.

Five months after listing on the ASX, the founders of Leederville-based bicycle accessories maker Cycliq have stepped back from their executive roles as part of a leadership restructure.

Cycliq chief executive Andrew Hagen has stepped down from his role, while Kingsley Fiegert has moved from the position of chief operating officer to chief development officer.

The COO role will be handled by chief financial officer John Turner, while non-executive chairman Chris Singleton will act as executive chair on an interim basis until a new CEO is appointed.

Following the shake-up, both Mr Hagen and Mr Fiegert will step down from the board as executive directors.

Cycliq has also appointed Terence Yap as global head of sales, based out of Singapore.

In a statement, the company said the restructure was done ahead of pursuing an aggressive growth strategy and expansion into new global markets.

It said Mr Hagen and Mr Fiegert had, as a result, decided to step down to allow the business to bring in greater expertise in dealing with global manufacturers and retailers.

Cycliq shares were 5.4 per cent lower to 3.5 cents each at the close of trade.

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