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By | Paul Kunert 10th May 2013 15:57

Easynet founder CEO Rowe shown door - sources

Sources claim VC backer LDC wants 'change of direction'

Sponsored: Creating the Storage Advantage

Easynet founder David Rowe has been given the heave-ho from his position as CEO by venture capitalist backers Lloyds Development Capital (LDC), according to sources.

Rowe launched the ISP in 1994 and was at the main deck during a time of change - its flotation on AIM in 1996, the reverse takeover of Marconi's UK telco business, and the sale to BskyB - which then punted it to LDC in 2010.

According to one well-placed source Rowe was booted out of the hot seat this week, which our man said was down to a mysterious "change of direction from LDC".

A filing at Companies House today was headlined "appointment terminated, director David Rowe".

The board underwent some changes in November 2010 following the sale to private equity arm of Lloyds TSB banking group - with five execs signing up, including two from LDC, Patrick Sellers and Richard Atkins.

According to results for the year to 30 June 2012, Easynet reported turnover of £94.4m compared to £103m in the previous year, as net profits climbed to £17.7m, up from £8.3m, including a £4.2m tax benefit.

A spokeswoman at Easynet refused to comment and the press people from LDC were trying to locate the right person to comment at the time of writing. We'll update if we hear more. ®

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