Sepkes quits Gresham

Sepkes quits Gresham

Payments system veteran Erik Sepkes has resigned as chairman of UK financial systems house Gresham Computing, as the vendor reports an upbeat set of third quarter interim results.

In a trading statement, Gresham says it expects to deliver a third consecutive quarter of positive results, with EDT and VME software sales in the ascendancy.

Gresham also last week announced a four-and-a-half year £1.3 million contract renewal deal with a major bank, with the full amount of cash payable in Q4 2010.

Sepkes' immediate departure was confirmed in a two-line statement, with the board thanking him for his input during his two-year tenure. He joined Gresham in April 2008 after completing 38 years with Citigroup where he held various management positions, including operations and treasury and cash management.

His appointment was expected to drum up interest in Gresham's real-time nostro reconciliation product. The company confirmed today that two major banks are using the system on a daily basis and that it has increased the availability of currencies from new provider banks further in the period with revenues increasing as a result.

"We are targeting further growth both from adding more currencies and taking the proposition to prospective new user banks," the firm states.

With Sepkes gone, Ken Archer, currently a non-executive director, has taken over the chairmanship, with interim CEO Chris Errington taking the helm on a permanent basis.

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