The CEO of Insig AI plc has been replaced by chairman of the board.
The data science and machine learning solutions company announced that Colm McVeigh has stepped down from his roles as director and CEO with immediate effect to pursue other opportunities.
Richard Bernstein has been appointed CEO and will “spend more time engaging with asset managers and prospective clients and commercializing InSig's product offering.”
Last month, Insignia announced its total revenue for 2024 would be around £1.3 million, below the £1.4 million it had initially forecast, due to the postponement of two key contracts. Around £900,000 of this revenue came from its Sport in Schools business, which it sold in November 2023.
The company was in financial difficulty due to “delays in commercialisation” of some of its key products, and Bernstein offered an equity loan of £250,000.
McVay joined the company in November 2021 as chief commercial officer and was appointed CEO in April 2022.
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Chief Technology Officer Warren Pearson will also step down from his position as a director but will remain with the company as a full-time employee.
Meanwhile, John Wilson, CEO of Bulgin Limited, a manufacturer of sealed connectors and components, has been appointed non-executive chairman with immediate effect.
He will join Bernstein, Chief Product Officer Steve Cracknell and independent director Richard Cooper on the board.
“I am pleased to be appointed CEO at a time when translating our powerful machine learning repository and data science capabilities into customer acquisition and revenue is our top priority,” Bernstein said.
“The sales cycle for emerging technologies to larger enterprises can take up to 18 months, but with impending regulatory changes there is huge potential in our target markets. Now my job is to ensure we make the most of these huge opportunities.”
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