People

posted on 27 May 2008 08:50

Plasmon has replaced one non-executive director working for Hanover Investors with another. Vasa Babic replaces Matthew Peacock.

Matthew Peacock was a founding partner of Hanover Investors in 2002 and joined the Plasmon board in May 2007. One year later he goes and Vasa Babic, a partner of Hanover Investors Management since 2006, replaces him.

Hanover, an investment fund that invests in potential turnaround/recovery opportunities, is a main investor in Plasmon and has driven the board room and executive changes at Plasmon in the last year, that resulted in chief executive Nigel Street being replaced by Steve Murphy.

Previously Vasa Babic was group director of business integration at Vodafone and a senior partner of strategy consulting firm Oliver Wyman.

Rod Powell, Plasmon's chairman, said: "Matthew's expertise in restructuring and turnaround work has been invaluable during 2007, in which we transformed Plasmon from a niche hardware maker to an archive solutions provider. Mr Babic's operational and strategic experience in the technology sector is expected to provide an important contribution to the business as we execute our sales-led growth plan."

Plasmon's shares have plummeted about 80 percent in value since April last year.

However, with the new archive solutions strategy and sales-led revival course set, it looks as if Matthew Peacock's turnaround expertise has done its job and Hanover Investors' interests can now be looked after by Vasa Babic whilst Peacock turns his attention elsewhere. Hopefully the company will prosper and Hanover will make money on its investment in Plasmon.

^{[Chris Mellor.]}