Morse has updated the Stock Exchange on the results of its restructure - announced when the company published its preliminary results.

The group's activities will be divided into two businesses - Core Morse and Monitise - overseen by a holding company.

The group board will be headed up by non-exec chairman Richard Lapthorne. Duncan McIntyre stays on as group CEO and Eric Dodd is joining the board as finance director. The three non-exec directors remain Derrick Nicholson, Nigel Whitehead, and Colin Tucker.

McIntyre will be executive chairman of both Core Morse and Monitise. David Beresford, who is stepping down from the board, will be a "key member of the small senior executive team at Core Morse, led by Kevin Alcock.

Bill Passmore is retiring in November and Phil Coll will leave the board in January 2007 but keep working full-time until September. ®