Simonds Group Limited announced that Mr. Mathew Chun, by mutual agreement, has stepped down as CEO and Managing Director, effective immediately. While Mr. Chun remains employed, he will not be based in SIO's offices duringthis transitional phase pending the search for a new CEO. Mr. Chun has been a Director of SIO since its listing in 2014, and was appointed as CEO in April 2016.

The Board has appointed Mr. Rhett Simonds as Interim CEO, effective immediately. Mr. Simonds has been a non-executive Director of SIO since April 2016 and worked in various management roles within the business for over 10 years prior to the company being listed.