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The CEO of Insig AI plc has been replaced by its executive chairman.

The data analytics and machine learning solutions company has announced that Colm McVeigh has stepped down from the board and as CEO to pursue other opportunities with immediate effect.

Richard Bernstein has been appointed CEO “to devote more time to working with asset managers, potential clients and commercializing Insig’s product offering.”

Last month, Insig AI said it would post lower-than-expected total revenues of around £1.3m for the 2024 financial year, below the forecast of £1.4m, following the delay of two significant contracts. Around £900,000 of this revenue came from the Sport in Schools business, which the company sold in November 2023.

“Delayed commercialization” of some key products left the company struggling for capital, and Bernstein offered an equity injection of £250,000.

McVeigh joined the company in November 2021 as chief commercial officer and was appointed chief executive officer in April 2022.

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Chief Technology Officer Warren Pearson is also stepping down from the board but will remain with the company as a full-time employee.

Meanwhile, John Wilson – chief executive of Bulgin Limited, a manufacturer of sealed connectors and components – has been appointed non-executive chairman with immediate effect.

He joins Bernstein’s board, chief product officer Steve Cracknell and non-executive director Richard Cooper.

“I am pleased to be named CEO at a time when the company’s priority is to transform its robust repository of machine learning and data analytics capabilities into customer success and revenue,” Bernstein said.

“While sales cycles for emerging technologies to large corporations can take up to 18 months, with regulatory changes looming, our addressable market has enormous potential. Over time, it will be my responsibility to ensure that we fully exploit these important opportunities.”

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