24 August 2017
Find out more

LogicaCMG CEO Martin Read quits after profit warning

29 May 2007  |  5233 views  |  0 Source: LogicaCMG

LogicaCMG announces that after fourteen years leading the creation of a large and successful IT Services company, Martin Read, its Chief Executive Officer, has today informed the Board of his decision to retire from the Company.

The Board has had a succession planning process in place for some time. However, in the light of the unsettling speculation following the Company's recent trading update, Martin Read has decided to accelerate his retirement plans. He informed the Board today of his decision, which reflects his long-standing commitment to ensure the best possible future for the company and its employees. As previously envisaged, Martin has agreed to remain in his position and manage the company during a transition period while a suitable successor can be identified.

The independent Nominations Committee of the Board has initiated the process to search for a new CEO, with appropriate professional support, which will consider both internal and external candidates.

The Board is also considering the appropriateness of the Board's current size and structure. It is well-advanced in its search for additional independent non-executive representation and will make a further announcement once arrangements are finalised.

Cor Stutterheim, Chairman of LogicaCMG said: "Martin is a visionary leader, who came to a small, largely UK business of 3,000 employees in 1993 and led its transformation into a major international operation of 40,000 employees in 41 countries. The Board has accepted his decision with regret and we wish him every success in whatever he takes on after he leaves us."

Martin Read added: "LogicaCMG is a great company. I have been privileged to serve as its CEO during a period of such major growth and to have worked with so many first-rate colleagues as they have developed and operated leading-edge systems in different markets across the world. The company is ideally placed for yet more success and will, I am sure, go on to achieve it in the next stage of its history."

Comments: (0)

Comment on this story (membership required)

Related company news


Related company information

CGI Group UK

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.vasco.comvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
22207 views comments | 47 tweets | 90 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12165 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11640 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11371 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10957 views 0 | 7 tweets | 1 linkedin

Featured job

London, UK (or flexible)

Find your next job