The Toronto-based tech company Internet of Things Inc (CVE:ITT) has tapped Ron Shuttleworth as its new chief executive officer to succeed Michael Frank who Is stepping down from the helm.
In a statement, Khurram Qureshi, IoT’s chief financial officer said the management change would help the company execute on its long-term strategy.
“The company is entering a stage of rapid growth, with global demand for data-driven scalable industrial technologies at an all-time high. IOT, now has a senior leadership team with the experience to support both our current business units and the successful execution of our long-term strategy,” Qureshi said.
Shuttleworth comes to Internet of Things with 25 years of experience in the technology sector as an operator, investor, analyst and investment banker, specializing in mergers and acquisitions and financings.
He previously held the posts of chief executive, chief technology officer and product manager and boasts a background in fintech, enterprise software and marketing automation. He also once worked as a venture capitalist who backed early-stage technologies as well as a hedge fund analyst responsible for selecting stocks and balancing risk in portfolios.
“I am excited to join this emerging enterprise and to bring my experience in building companies, introducing deal flow and raising capital,” said Shuttleworth in a statement.
“I am inspired by the vision that Michael Frank and his team have implemented for emerging technologies and thank him for the foundation that has been put in place.”
Frank, who has been with Internet of Things since its inception, is stepping down to pursue other opportunities.
The company has granted 2 million incentive stock options to Shuttleworth.
Internet of Things is an investor in and operator of emerging technology companies, which specialize in IoT, artificial intelligence and blockchain capabilities.
The Toronto company owns Weather Telematics Inc, which offers artificial intelligence (AI) based predictive road condition weather analytics. It has also moved into China following the striking of a joint venture with Chinese conglomerate New Hope Data Technology. This deal has cracked the door open for the company to bring IoT solutions to New Hope factories and other manufacturing facilities across China.
Internet of Things shares slipped by 12.5% to C$0.035 on Tuesday.