London tech grandee lined up to lead embattled WANdisco’s recovery effort
The beleaguered data firm WANdisco is set to appoint the businessman Stephen Kelly as interim chief executive, it announced on Tuesday.
Kelly previously served as chief executive of the software companies, Chordiant, MicroFocus and most recently FTSE100 constituent, Sage, until 2018.
“I am a firm believer in the potential of WANdisco’s technology to become a market leader and, whilst there is much work to be done, I have relished my previous UK listed turnaround roles and am proud of the successful transformations, profitable growth and value creation they have delivered,” said Kelly in a statement.
Sheffield-based WANdisco suspended trading on the London Stock Exchange in March after an internal investigation found that $15 million of revenues and $115 million of sales last year had been fabricated.
Former chief executive David Richards and chief financial officer Erik Miller stepped down in April.
The firm previously said that an external investigation by FRP Advisory had linked the sales booking to a single senior sales employee and that “all other purchase orders” from other employees were legitimate”.
Last week, the company announced it would slash its headcount by nearly a third amid an ongoing probe.
The company’s chair Ken Lever, who was brought in to oversee the company’s turnaround after the departure of Richards and Miller, will resume his position as interim non-executive chairman, WANdisco said.
“All of us remain squarely focused on advancing the workstreams that are designed to lift the current suspension in WANdisco’s shares and position the Company for long term success. I look forward to benefiting from Stephen’s energy and perspectives as we do so,” Lever added in a statement.
Kelly will take over as interim chief executive on May 10. The company said it intends for Kelly to be appointed permanent chief executive when the suspension of the company’s shares is lifted.