UK-based software and services company Cedar has ended a long-running search for a new chairman with the appointment of John Stanley, former Lexmark European president. Stand-in chairman Brian Wilson has resigned.
Stanley, who was also at IBM for 23 years, has been brought in to oversee the company's international expansion following its £51m purchase of US-based Enterprise Systems Group.
Wilson will leave the company immediately. He was in the role for four months, after previous chairman Sidney Cordier left the business in June.
Cedar has also appointed Lesley Knox, former head of institutional asset management at Kleinwort Benson Investment Management, as a non-executive director.
The appointments provide a timely boost for Cedar. The company's shares plummeted last month amid reports from stockbroker Collins Stewart that it had paid too much for recent acquisitions. The company was also hit in the technology fall-out generated by profit warnings from Intel, Apple and Dell.
Mike Harrison, managing director of Cedar, did not comment on Collins Stewart's assessment, but welcomed the arrival of Stanley and Knox.
"[They] are timely for Cedar in its current state of development. John has international expertise in the IT sector, and Lesley has a strong track-record in the City. They are two new senior appointments, which means the company can look to the future with confidence," he said.
Matt O'Donnell, marketing manager at Cedar, said Wilson was expected to go into semi-retirement following his departure. "He steadied the ship when Sidney Cordier left, but the company now has a multi-national focus and Lesley and John will be key to that. They will provide us with advice and guidance."
Security firm set to become part of acquisitive Shearwater Group
Distributor merges three northern sites into one new hub in Warrington
Activist investor puts forward five director candidates as turmoil continues at security giant
Nima Green asks what is driving public cloud uptake in Germany