- Tech company Connected IO (CIO) has announced Dougal Ferguson as its new CEO
- Dougal has been a non-executive director at CIO since July 2020 and will take over from former CEO Yakov Temov, who resigned late last year to focus on U.S. operations
- He was most recently Managing Director of XCD Energy and previously worked on Elixir Energy’s (EXR) board
- Dougal has a finance and business development background and has performed senior executive roles internationally
- Company shares are up 33.3 per cent at 1.2 cents per share
Connected IO (CIO) has announced Dougal Ferguson will be the technology company’s new CEO, effective immediately.
Dougal was appointed as a non-executive director in July last year and has been overseeing the company’s strategic review process.
Today’s announcement follows founding partner Yakov Temov’s resignation as CEO — a move which triggered a strategic review in December last year.
Yakov resigned late last year to focus on recovering the company’s U.S. operations.
Continuing as director of the U.S. subsidiary, Yakov is determined to help the business rebound from the difficult trading conditions of 2020.
As a non-executive director, Connected IO’s new CEO has been involved in current capital raising initiatives.
On Monday, CIO announced it had completed its non-renounceable pro-rata entitlement offer. Under the capital raise, Connected received commitments to bring in $495,888.
In the past, Dougal has worked as the Managing Director of XCD Energy, now 88 Energy (88E).
During his tenure as Managing Director of Elixir Energy (EXR), he procured the Mongolian coalbed methane acquisition, causing the oil and gas explorer’s market capitalisation to grow past the $100 million mark.
Dougal also has an extensive background in finance and business development and has performed senior executive roles in London, Canada and Hong Kong.
Connected IO’s December quarterly report shows the company brought $150,000 from customers and burnt through $91,000 in cash across operating activities.
The end of the quarter saw the company holding $285,000 in cash.
Company shares are up 33.3 per cent at 1.2 cents per share at 3:40 pm AEDT.