Clem Chambers Retires as CEO and from the ADVFN Board

ADVFN announced that it has onboarded Jon Mullins as its new Chief Executive Officer, replacing Clem Chambers, effective from 28 February 2022.

According to a press release shared with Finance Magnates, Clem Chambers, a senior executive with more than thirty-three years of experience in Finance, and the Board of ADVFN, a London-based operator of financial information websites for private investors, agreed that he should step down from his post as CEO and resign all group partnerships.

His replacement, Jon Mullins has been named as Chief Executive Officer, which will take effect from 28 February 2022.

As he exits, Chambers has agreed to support the Company in its transition period to ensure a smooth handover to Mullins along with the ADVFN management team. Any additional support from Chambers has been agreed to be formalised in a consulting agreement on terms that are presently not set.

Michael Hodges, the Chairman of ADVFN, stated: "On behalf of ADVFN, I would like to thank Clem for all his time and effort over the last 20 years. He will be missed, and we wish him all the best for the future."

Additionally, the Board will compensate Chambers within his contractual entitlement with one year’s salary paid in full and one year's salary settled in new ordinary shares in ADVFN. In accordance with the compromise agreement with Chambers, the Board has issued 592,419 new ADVFN ordinary shares at a price of 70.19p per share, amounting to £415,819 ("Settlement Shares").

Reviewing Chambers’ Employment Background

Prior to this announcement, Chambers was serving a number of different organisations simultaneously. He served ADVFN for the last twenty years as CEO. He took an active role in all aspects of ADVFN plc from product and staff development to revenue generation, marketing and the day-to-day running of the site, according to his LinkedIn profile.

Additionally, he has been the CEO at Online Blockchain plc for the last thirty-three years, where he was instrumental in incubating and fostering exciting decentralised projects such as cryptocurrencies and blockchain technology.

Moreover, he was a Director of TSCTrade and a Non-Executive Director at Avarae Global Coins PLC (AVR). Furthermore, he was a freelance Senior Contributor to Forbes and the Institution of Engineering and Technology (IET) - E&T Magazine.