ASX-listed online retailer, Shoply (ASX:SHP) will see a change of hands as its CEO, Vaughan Clark, retires from the business.
Clark joined Shoply in 2014 and since the proposed merger between Shoply and Anyware Technologies, the merged entity intends to make changes to the board and management team. Anyware’s Garrison Huang has been appointed as the managing director of the group.
Huang will take on the top job after the merger is completed in May.
In the interim, non-executive chairman, Andrew Plympton, will become Shoply’s executive chairman.
Under terms of the merger agreement, Anyware Corporation managing director, Garrison Huang, will inject $1 million to Shoply through an entity he controls giving Anyware a 19.99 per cent share of the total issued capital of Shoply, initially.
At the time of the merger, Huang said all Anyware, Harris Technology and Shoply businesses will go through a period of restructuring. There would be opportunities for cost cutting and resource sharing which will deliver better profitability and consequently greater shareholder returns.
Anyware Technologies also includes e-commerce business, Harris Technology, which it acquired from Wesfarmers.
The projected combined revenue for 2016-2017 of Shoply together with Anyware is $76 million. Projected EBITDA is $2 million..
Shoply includes the two companies, eStore and Warcom, both electronics retailers.
Huang said there will be two streams of business - IT niche distribution and e-commerce.