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. ®