Anglo-Dutch software Services Company LogicaCMG announced that its Chief Executive Martin Read has offered retirement plan following the firm’s recent profit warning, but will continue to manage the firm during the transition period.
The software giant acknowledged that the firm has accepted Read’s decision “with regret” and has begun the search for a new CEO, looking at both internal and external candidates.
Martin Read, 14 years long successful career, in which he develop LogicaCMG to one of Europe’s largest IT outsourcing and services groups, came to an end after getting profit wake as it is speculating to dig its revenue in the first half, and disgruntled shareholders demanded him to resign from his post.
Management authenticates the Read’s decision and said
In the light of the unsettling speculation following the company’s recent trading update, Martin Read has decided to accelerate his retirement plans
As the news of lingering performance in its UK business spread, its shares fell unprecedented by 13 percent, which led shareholders to raise voice against its CEO.
Read, who had always planned to make LogicaCMG into a top 10 international IT group through acquisition, took reign of the London and Amsterdam based firm in 1993. Since then, the firm has grown from a 3,000-person company to a multinational IT services provider with 40,000 employees.
As his decision to step down from the post accepted by the board of directors Martin Read asserts
LogicaCMG is a great company. I have been privileged to serve as its CEO during a period of such major growth, the company is ideally placed for yet more success and will, I am sure, go on to achieve it in the next stage of its history
Image: telegraph
Via: itp
