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

Microsoft CEO Satya Nadella
ARA_LIbertad

Chris Mellor

Elliott Management sinks its teeth into retiring godhead
Satya Nadella
cloud computing Fight

Features

Failure to crack next-gen semiconductors threatens to set back humanity
SMEs get lip service - what they need is dinner at the Club
SAP Match Insights
Vorsprung durch grossendatatechnik, as we like to say in Germany
Inside the Google Lab where surgeons prepare the human/dog experiment
Big Blue exec tells El Reg what to keep an eye on