The Channel logo

News

By | Kelly Fiveash 29th May 2007 15:24

Logica CEO retires early

Hopes decision will steady not-so-steady ship

Logica CMG's CEO Martin Read is to retire after 14 years at the IT services firm.

Read said he has hastened his retirement plans in an attempt to quell "unsettling speculation" following Logica CMG's mixed trading results which saw profits grow but shares drop.

He will remain in the post while the board's independent nominations committee searches for a replacement CEO.

Logica CMG also said it was considering a shake up of the board's current size and structure and will shortly be looking for additional non-executive representation.

Speaking about his decision to retire, Read said: "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."

The Anglo-Dutch firm's chairman Cor Stutterheim said he regretted Read's decision to quit.

Shares in Logica CMG are currently trading at 160.75 pence per share, up 2.39 per cent. ®

comment icon Read 2 comments on this article alert Send corrections

Opinion

WWI French tank picture via Shutterstock
Vinod_Khosla

Chris Mellor

A VC with startup agenda slams established suppliers. Surprised? Neither were we
ZenPad_RealRacing
Boy writes a letter to Santa. Pic via Shutterstock

Kat Hall

Cornwall's win over BT should be a cautionary relationship tale

Features

Eclipse image via Shutterstock
The Azure Portal: Microsoft is betting on cloud for its future business
container_ship_hamburg_shutterstock_648
Michael Dell. Pic by Joi Ito
Cool Texas dude is just your average billionaire