Orc tech team force out CEO Lindström

Orc tech team force out CEO Lindström

Swedish trading systems vendor Orc Software says chief executive Jonas Lindström has quit following disagreements with staff over product development.

Around 10 senior developers are thought to have quit the firm, including the previous CTO Joakim Johansson, following conflicts with Lindström over internal processes and the future direction of Orc products.

In a statement, Orc says this has caused "turbulence in parts of the organisation" and exposed "a lack of confidence in the present CEO".

The vendor stresses that Lindström's departure is not connected with its recent acquisition of Cameron Systems.

Says Lindström: "Orc Software has with the support of the board gone through a substantial change during the past year. This change has contributed to a conflict building up within the company's product development department. After consulting the board, I have decided to leave Orc Software in order to safeguard the commitments of the company in the short term."

Lindström joined Orc Software as chief executive in September 2004 from SunGard subsidiary Front Capital Systems.

Orc executive vice president Lars Johansson has been appointed acting CEO, taking effect immediately.

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