Orc Group to break-up business; search for new CEO

Orc Group to break-up business; search for new CEO

Orc Group, the Swedish trading systems firm recently acquired by private equity house Nordic capital, is to part company with its CEO and demerge previously acquired businesses Neonet and CameronTec.

Thomas Bill, Orc Group CEO for the past five years will leave the company once the split has been achieved.

For Orc, the acquisition of execution services outfit Neonet in 2010 proved a spectacular miscalculation as the business failed to deliver the promised transaction volumes, leading to an Skr165 million charge in Q4 2011.

Orc delisted from Nasdaq OMX in February, after agreeing a EUR230 million takeover offer from Nordic capital subsidiary Cidron Delfi Intressenter.

The drive to split the business into separate units would appear to presage a sell-off of underperforming assets.

Bill, who will continue as acting CEO of Orc after the break-up until a successor can be found, says: "I am proud over the development of Orc Group during my time as CEO and I am convinced that Orc, Neonet and CameronTec will become stronger and more focused as separate businesses.

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