Stream has been trying to rejig or sell-off its businesses after owner RR Donnelley, an 80 per cent shareholder, admitted it wants to pull out of all or part of the relationship. The software services firm is floating its Outsource Technical Support business in a bid to drum up funds and is exploring a management buyout or sale of its manufacturing and reseller arms. The uncertainty was aggravated in the UK by staff changes. European president Paul Kavanagh retired last month and Gerry Labie, senior vice president and general manager of the technology services business, is returning to the US after less than six months on the job. One source said: ?They?re restructuring the company and reducing the layers of management so that it?s more saleable. The Stream staff are really down ? they?ve only just got over the first reorganisation and now they?ve got another.? Paul Kavanagh, who is continuing as chairman to oversee the changes, said: ?It?s no secret that as every month goes on we are moving further away from Donnelley?s core business. Going public means we don?t have to be so reliant on one major shareholder, which is currently a ludicrous situation.? A Stream insider said: ?We want to get away from them and they want to get away from us.? In addition, the European marketing team, which was set up in May, has been dissolved. Don Fernandez, European strategic marketing director is to be UK sales and marketing director. Clarissa Roberts, ex-European marcoms director, is reporting to Fernandez as UK marketing director.
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