Mr Stace succeeds Paul Waddington, who will be continuing with the company as a director and Chief Technology Officer.

Mr Stace brings a wealth of global business experience to Methodware, having served as Deputy Chairman of Lloyd's of London. He was the first CEO of Angerstein Underwriting Trust (now called Amlin plc), one of the largest quoted Lloyd's dedicated insurance companies. Mr Stace retired as Vice Chairman of Amlin in 2004. He is a board member of the New Zealand Trade and Enterprise Beachhead initiative, a Vice President of Save the Children UK and a trustee of The Tank Museum, Bovington in Dorset UK.

Mr Stace, who has recently returned from meeting Methodware regional Managers and key clients in the UK and the USA, said, "It is not until you see the urgency with which international regulators are demanding a more thorough, transparent and comprehensive analysis of Operational Risk that you can appreciate why Methodware has gained such a huge reputation for the innovative software it has developed."

He went on to say, "I returned to New Zealand convinced that the success Methodware has so far enjoyed is only the tip of the iceberg. There is nothing like having the right product at the right time, particularly when it comes to risk governance in the corporate sector."