Roger Foster is to step down as chairman and chief executive of UK banking systems vendor Financial Objects in a Board restructuring which elevates David Carruthers to the CEO post.
Under the restructuring, which takes effect from January next year, Roger Foster is to become non-executive chairman of the company he founded. David Carruthers, managing director of the advanced systems division (ASD) since January 2000, takes over as chief executive officer. Carruthers was one of the original founders and principal designers of the Ibis banking system and ran the company's International Division, prior to assuming responsibility for ASD.
The group finance director, David Gutteridge has been named chief operating officer of Financial Objects, enlarging his area of responsibility to include operational accountability and M&A activities.
Foster believes the proposed restructuring will give a number of executive directors more opportunity to demonstrate their ability and fully participate in the development of the company. "I have always indicated that I was looking to reduce my time commitment to the company by the end of 2000 and I am delighted that I can hand over my executive responsibilities to members of the existing management team."