High profile tech boss Stephen Kelly has been appointed to crisis-hit data company WANdisco in a bid to turn the company around.
The former Sage chief executive and chair of Tech Nation was announced as interim chief executive of the Sheffield and California-based firm to investors on the London Stock Exchange. Mr Kelly, a veteran of various senior tech company roles, as well as a stint in the civil service, said he thought the rescue mission undertaken by chair Ken Lever had made a good start.
It follows the revelation that there have been significant "irregularities" surrounding one senior salesperson and their received purchase orders, related revenue and bookings, which are likely to have created a £12m in the company's accounts. WANdisco's shares are currently suspended and last week the firm said it needed to make about 30% of its workforce redundant in order secure its long term future.
Read more: Redundancies at crisis-hit WANdisco in bid to put company on level footing
An investigation into the potentially fraudulent events is underway by the Financial Conduct Authority. An separate investigation by FRP found the activity could take WANdisco's 2022 unaudited revenue from about £19.2m ($24m) to just £7.7m ($9.7m) - raising concerns about the company's future as a going concern.
Mr Kelly: "As a passionate champion of UK Tech companies striving to become Number 1 on the global stage, I am excited by the prospect of joining WANdisco.
"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 tr.ansformations, profitable growth and value creation they have delivered. I believe Ken has started the rescue, recovery and rebuild process well and, as a team, we have the opportunity to build a high-quality, global UK growth business delivering for all stakeholders."
Ken Lever, chair of WANdisco, said: "The board is delighted to have secured someone of Stephen's calibre and track record to lead WANdisco forward.
"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."
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