Raft splits business three ways

Raft splits business three ways

Loss-making software house Raft International has made a number of new board appointments following a shake-up of the business into three distinct divisions - energy credit risk, operational risk and professional services.

Raft says the creation of the new divisions - each of which will be managed by a board-level director - will help the company's focus on key growth markets as it bids to reverse three successive years of losses.

Joining the board as president of the energy credit division is Peter Pavluk, the Houston-based commercial development director who moved to Raft two years ago from energy company Dynergy.

Pavluk is joined at board level by Ash Mehta who becomes chief executive of the operational risk division following a ten-month stint as interim finance director. Mehta has previously been a director of Ultrasis plc and run his own consulting business.

Frank Mobjerg, a co-founder of the business with chairman David Priestley and one-time Raft CEO, has been named chief executive of the professional services division.

In a statement to the Stock Exchange, Raft chairman Priestley says the changes will streamline the business and provide the group with the management and structures to support growth.

He says: "Recent contract wins demonstrate that the trading environment appears to be improving and I believe that the business is now very well positioned to take full advantage of the opportunities that lie ahead."

Nobody at the company was immediately available to discuss potential job losses as a result of the re-organisation.

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