Troubled data firm WANdisco has appointed a former Sage Group CEO as the interim chief executive as the company faces continued regulatory roadblocks.
Stephen Kelly, who has held executive positions at a number of prominent software and financial firms, will assume the role of WANdisco CEO on an interim basis following the resignation of company founder David Richards.
“I am a firm believer in the potential of WANdisco’s technology to become a market leader and, whilst there is much work to be done, I have relished my previous UK listed turnaround roles and am proud of the successful transformations, profitable growth and value creation they have delivered,” said Kelly.
Ken Lever, company chair, had been overseeing operations since the departure of Richards and will now transition back to his role as non-executive chairman.
“All of us remain squarely focused on advancing the workstreams that are designed to lift the current suspension in WANdisco’s shares and position the Company for long term success. I look forward to benefiting from Stephen’s energy and perspectives as we do so,” Lever said.
Sheffield-based WANdisco has faced intense regulatory scrutiny after an internal investigation revealed “potentially fraudulent irregularities” in the accounts in March.
The investigation was led by former chief Richards and ex chief finaicial officer Erik Miller.
Miller stepped down in April along with Richards after it was found that WANdisco’s reported revenue may have been overstated by millions.
Shares in the AIM-listed firm were suspended in March and a probe into the company from the Financial Conduct Authority (FCA) was launched in April.
WANdisco said in a statement that the “board is co-operating with the FCA”.
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