Embattled derivatives trading software house patsystems is looking for a new chairman and chief executive officer, following the resignation of current non-executive chairman Richard Sandor and a decision by interim CEO David Jones not to accept a permanent position.
The loss of Sandor and Jones comes after a torrid period for the incumbent management, which has presided over widening losses since taking control of the company following a boardroom coup late last year. The board only recently faced off an attempt by disillusioned shareholders to usurp interim CEO Jones, and was looking ahead to a period of relative stability.
Sandor is stepping down immediately, citing 'significant other business commitments'. Jones will stay on as interim CEO until the board find a suitable replacement. He was offered the post full-time in early March, but has subsequently decided not to put himself forward as a candidate.
The company has announced the appointment of two new executive directors to strengthen the existing board. Richard Cooper, currently CFO and company secretary, has been appointed group finance director. Roger Colletta, currently head of client management, has been appointed as group commercial director.