The Channel logo

News

By | Paul Kunert 4th October 2012 08:45

Chief leaves Brit IT giant Phoenix after just 15 months

'Unrelated to ongoing accounting investigation'

Phoenix IT Group chief exec Dave Courtley has quit the firm after less than 15 months in the role, the LSE-listed IT services company confirmed this morning.

The former Fujitsu Services bigwig rocked up at Northampton-based Phoenix in July 2011 replacing long-serving boss Nick Robinson, who stepped down after 18 years at the helm.

The company said Courtley "resigned to pursue other interests", but insisted his departure was in no way related to a probe into accounting irregularities.

"The company confirms that his resignation is not related to the ongoing accounting investigation as previously announced which is of as much concern to David as it is to the remainder of the board," said Phoenix.

The resulting shuffle will make non-exec chairman Peter Bertram exec chairman, while chief financial officer Jane Aikman will become chief operating officer. David Garman will be appointed senior independent director.

Phoenix also added that PWC has been appointed as its auditor, replacing Deloitte.

Last month Phoenix confirmed it discovered inaccuracies in a number of accounting balances within what was its Servo division spanning an unspecified timeframe, which will result in £14m wiped from net assets.

A finance manager has been suspended as the investigation continues.

During his short reign, Courtley initiated a company-wide restructure to improve profits and jettisoned 300 staff. But any benefits from the move has yet to be seen in the numbers. ®

comment icon Read 1 comment on this article alert Send corrections

Opinion

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers