LogicaCMG CEO Martin Read quits after profit warning
29 May 2007 | 5233 views | 0
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."