Misys Banking chief Martin steps down

Misys Banking chief Martin steps down

Ivan Martin, CEO of Misys banking Systems is to leave the company, ending a ten-year association with the UK software house. News of his departure comes as Misys reports an improving outlook for revenues and order intake at its largest division.

Martin's departure from the CEO's seat comes three months after powerful investors forced the company to ditch a controversial retention bonus plan. Under the proposed scheme Martin, and Tom Skelton, head of the firm's healthcare division, would have received a bonus of £1.2m each to prevent them from leaving the firm if they were not selected to succeed Kevin Lomax as CEO of the whole group.

Lomax bowed to further investor pressure earlier this month by splitting the roles of chairman and chief executive.

Lomax says Martin's departure was agreed "by mutual consent" and that he will take up the reigns until a suitable successor is appointed.

He says: "We are encouraged by the good progress of our banking division but we recognise there is more to do to deliver increased value to our shareholders."

Martin was brought in to shore up the company's ailing banking and securities division in July 2002. Previously CEO of the financial services division, he first joined Misys in 1995 after the acquisition of the ACT Group.

Shares in Misys moved up six per cent in mid-morning trade to 227.5 pence as the company issued a more optimistic trading update. Banking revenues were 10% higher and order intake increased by 27%, but margins were lower at 12% compared with 17% in 2005.

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