UK-based analytics software company Alterian has announced that its Chief Executive David Eldridge will step down following a full-year profits warning.
Eldridge, who has led the company since 1997, will assist in managing it while a successor is recruited, but said he ‘takes his responsibilities seriously’ and felt it appropriate to resign after a major contract renewal and extension was deferred, leading to ‘disappointing’ annual figures.
Iain Johnston, an NED since the company's foundation and with experience of managing businesses including GB Group and InternetQ, will take the role of Deputy Chairman and provide additional support in the interim period.
The Bristol-based company says it still expects the crucial contract to go ahead, but is not sure of timing. It expects revenue for the year to March 31st down about 10% on market forecasts of £42-44m - and essentially flat year-on-year (2009-10 £38m); and profit (£7.7m in 2009-10) also dented by the deferral. Further guidance will be issued in a statement around 18th April.
Eldridge says Alterian has ‘made a great deal of progress in the past year with new products and services, as well as greater international reach’ and adds: ‘I am proud of the team and position we have built at Alterian over the past fourteen years and expect the company to be very successful going forward.’
Web site: www.alterian.com